Half of UK businesses 'have not prepared for climate risks', survey finds

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While more than two-thirds of the respondents said climate change will present risk to their business in the short to medium-term, 52% revealed that they have done either little or no work so far to prevent climate-related risks.

The CIIA [Chartered Institute of Internal Auditors] believes that there is a tendency among the private sector to conceptualize climate change – and the related physical, transition-related and reputational risks – as a future problem which does not require extensive planning at present.

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“Companies that have seen early success in their sustainability initiatives have invested in a stronger understanding of risk and opportunity, which in turn has driven immediate action,” ENGIE Impact’s chief executive Mathias Lelièvre said.

“Those that have invested more in the tools to identify and quantify opportunities have moved quicker, as, armed with data, it becomes clearer that action cannot wait. Those companies that are lagging behind are advised to accelerate their sustainability efforts and learn from the companies that are successfully transforming already. Otherwise, they could be left behind.”