The study of more than 1,500 UK businesses, published today (26 April), found climate change is already a challenge for British businesses, with nearly three-quarters of business leaders concerned about the impact over the next 10 years.
Two-thirds of those surveyed said a rise in global temperatures of 2C – the upper limit set by the 2015 Paris Agreement – would have a “significant” impact on their business.
The most common effect of climate change on British business is disruption from extreme weather events, including flooding, storms and heatwaves. 52% of survey respondents reported this disruption.
Also common are climate-change-related increased operating costs (47%), supply chain issues (39%) and physical damage to assets (35%).
The research by Gallagher found that 15% of businesses have already moved premises due to climate change, while 16% have been forced to change their business model.
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