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In response to the multifaceted challenges presented by climate change, the WEF calls for a ‘resilience imperative – an urgent necessity to find new avenues and more opportunities to mitigate, adapt to and build resilience against global risks and threats through collaboration among different stakeholders’.
The implications for society, and businesses that operate as key members within it, are significant. The ten hottest years on record have all occurred since 1998; and 2015 was the warmest yet. Scientists agree that this warming trend is extremely likely to be the result of human activity, primarily from the burning of fossil fuels. They also agree that limiting the increase in temperature to no more than 2°C above pre-industrial levels is necessary to avoid dangerous climate changes and knock-on impacts on food security, water scarcity and human health. Without action, average warming in the region of 3.7 to 4.8°C is expected by 2100, with severe, irreversible impacts on natural systems and society.
There are several key drivers for assessing climate-related risk within your business:
By responding to climate-related risk and opportunity, your organisation could: