Insurers and brokers could do more to adapt to climate change, according to a new report.
The report, from Acclimatise, highlights a level of understanding in the industry about the issues, but insufficient evidence of concrete steps that are being taken to adapt to climate change.
Acclimatise analysed the responses of 165 FTSE 350 companies to a survey by the Carbon Disclosure Project.
More than 90% of respondents across all sectors expressed concern about the climate but many have not developed coherent adaptation strategies.
The four sectors expressing the most concern about climate change were utilities, banking and investment, chemicals and mining and steel.
MD of Acclimatise, John Firth, said: “In 2005, for the first time, the Carbon Disclosure Project asked companies not just about mitigating carbon emissions - but how they are adapting to the reality of climate change. The worrying fact is that whilst awareness is increasing, this is not matched by positive action. This is a ticking time bomb for UK business.
“Climate change is already happening and can be seen day-in and day-out in the news. Companies have to realise that they must take practical action to manage the damaging effects of inevitable climate change on their operations and their business strategies now or be exposed to risk across a range of business sensitive issues. There is no choice between mitigation and adaptation — businesses must pursue complementary actions on both.”
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