As the climate changes, physical risks brought on by heat waves, flooding, wildfires, droughts and hurricanes will have a greater, sustained impact on businesses. Direct damage to assets or supply chain disruption could mean significant financial consequences.
The impact on business operations can be far reaching affecting resources, operational activities, infrastructure and transport networks. Businesses could suffer from a number of emergencies, including lack of water and energy supplies, delays and halt in production. The health and safety of employees may also be compromised, and businesses' reputations may be harmed.
Companies must be prepared for all these risks, including rising sea levels, deteriorating air quality, and migration of displaced people, all the while shifting to a net-zero emissions future.
Collaboration between the private and public sector has never been more vital for building climate resilience.
The key drivers for businesses to become climate resilient:
- Regulations are getting more strict as countries aim to meet the goals of the 2015 Paris Agreement.
- Investors are turning their attention to companies working sustainably (look out for our forthcoming paper on sustainable investments in collaboration with Marsh, to be released at COP27).
- Supply chains are being disrupted so businesses and suppliers must adapt in order to improve their entire supply chain, ensuring secure access to resources.
- Consumer demand for ethical, sustainable products and services, with authentic credentials not just greenwashing.
Why collaboration is key to building climate resilience:
Collaboration and strong leadership between the public and private sector are the key to responding to the climate crisis. Governments, corporate players (including manufacturers, suppliers, distributors and retailers), NGOs, academia and communities must work together in order to increase resilience. Businesses are interdependent with the communities and environment in which they operate, and the health of all is vital to become truly resilient.
Join us at Climate Week New York City 2022 (September 19-25)
Our consortium Resilience Rising is the Official Resilience Partner of #ClimateWeekNYC. Over the week, Resilience Rising and Resilience First will be presenting a series of exclusive events that will strengthen collaboration and encourage best practice.
Our members and associates will have the opportunity to participate in our events. Please see an illustration of the programme below.
- The financial imperative for climate resilience: How to achieve best ROI - organised by our Champion Member, Mott MacDonald (virtual event)
- Resilience Breakthroughs Launch - organised by the UNFCCC’s Climate Champions
- How the public and private sector can work together with cities to build resilience - jointly organised by the UNFCCC's Climate Champions, Resilience Rising, Cities Race to Resilience and Resilience First (virtual and in-person)
- Engineering Change: Engineering Leadership Group (ELG) Briefing and Reception - An opportunity to find out more about the ambitions of Resilience First’s and ICSI’s joint ELG - hosted by WSP
Please contact Beena Chester at bchester@resiliencefirst.co.uk, for more information, or to advise us if you are planning on attending NYCAW in person this September.
How can your business become more climate resilient?
If your business would like to help frontline communities to build resilience and adapt to the impacts of climate change, Resilience First is now offering our business members the unique opportunity to become recognised leading players in contributing to a better, safer world, through partnership of the UNFCCC’s Race to Resilience Campaign.
The campaign aims to build global resilient communities, and partnership includes pledging to certain commitments which would minimise businesses’ risk whilst evolving their climate resilience plans.
Learn more about Race to Resilience. Pledge here.
Want to know how resilient your business is? Membership of Resilience First includes access to our Self-Assessment tool, a system that enables you to:
- Track your organisational resilience on an annual basis
- Benchmark your position against your industry peers
- Identify areas of strengths and for improvement
- Ensure Resilience First’s programme meets your resilience needs
Test your business today! Please contact Beena Chester at bchester@resiliencefirst.co.uk to gain access.
