Impact of risks from climate change on business resilience | Ben Scheltus
At the recent BCI Summit in Sydney, Ben Scheltus gave a presentation on the impact of risks from climate change on business resilience.
A combination of factors makes climate change a particularly notable risk for Australian businesses. On a global basis, the World Economic Forum’s Global Risk Report has identified climate change as a “High Impact” and “High Likelihood” risk. Australian businesses should treat this serious risk in the same manner as any other business risk.
Australia is particularly exposed because it is already subject to extremes in weather; its distance from other global markets increases the fragility of our supply chains; the age of our power generation infrastructure and our heavy dependence on sea transport (for imports and exports). Recently there was a discussion as to whether climate change risks were becoming too great in Australia for the insurance industry to insure.