WEF states
businesses must take action to combat climate change
In a new report, the World Economic Forum (WEF) has
stated that businesses must take action now to tackle climate change.
In its latest Global Risks Report, the WEF suggested
that most businesses are ‘ill-equipped to address climate change risk’.
The report also stated that many firms ‘may not be
planning for the physical and financial risks that climate change may have on
their activities and across their value chains’.
The WEF surveyed business leaders and found that none
of their top ten business risks are environmental in nature. The Forum urged
businesses to ‘reassess assets, reconcile trade-offs and develop new
capabilities to move towards a more sustainable model’.
Commenting on the issue, Peter Giger, Group
Chief Risk Officer at Zurich Insurance Group, said: ‘It is critical that companies
and policymakers move faster to transition to a low carbon economy and more
sustainable business models. We are already seeing companies destroyed by failing
to align their strategies to shifts in policy and customer preferences.’