Isra-Mart srl:Two thirds of global firms see climate adaptation as an opportunity

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Isra-Mart srl news:

The message that climate change presents a business opportunity as much as a risk is getting through.

According to a major new global survey of 700 top business executives undertaken by the Economist Intelligence Unit on behalf of UK Trade & Investment, almost two thirds of businesses now regard climate change and the need for adaptation measures as a commercial opportunity.

However, the report, entitled Adapting to an uncertain climate, a world of commercial opportunities, also revealed that 90 per cent of business leaders have seen their firms experience climate-related impacts in the past three years, with almost half observing that these impacts have increased.

Moreover, only 30 per cent of firms said they are actively planning and making changes to their businesses in response to climate impacts.

But James Watson, contributing editor to the Economist Intelligence Unit and the author of the report, said a "small, but rising, proportion of firms" was beginning to deploy climate adaptation strategies and identify related commercial opportunities.

The survey found that 64 per cent see adapting to climate change as an opportunity, while almost half are conducting research into climate adaptation, and one in five have already generated revenue from adaptation measures.

"Recent floods and droughts across the world have demonstrated the urgency for business to adapt to the realities of climate change," said Susan Haird, acting chief executive of UK Trade & Investment. "Whether it is designing flood defences or developing new techniques for crop resilience, UK firms have the skills, expertise and know-how to contribute to this global challenge."

Watson added that climate adaptation will open up significant new markets, particularly in emerging economies where climate impacts are expected to be at their most severe. He highlighted how, alongside drought-resistant crops and flood defences, a wide range of new engineering, climate insurance, consulting and legal services were currently being developed.