"One thing is clear: businesses, governments and communities across the world need to plan for a warming world"
What should business be doing to adapt to this possible reality?
PwC says any investors in long-term assets or infrastructure, particularly in
coastal or low-lying regions, need to
consider more pessimistic scenarios. Sectors dependent on food, water, energy or ecosystem services need to scrutinise the resilience and viability of their supply chains. More carbon-intensive sectors need to anticipate more
invasive regulation and the possibility of
stranded assets.
"It's the boy scout motto – be prepared," says Jonathan Grant, PwC's director for sustainability and climate change. "Businesses need to be prepared for unpredictability – whether that's policy, climate or consumer change.
Extreme weather events have become more common, and unpredictability looks set to increase. Businesses that have failed to prepare will find it difficult to keep their operations running smoothly as the risk of disruption increases.[]
"Working with our clients, the reality is we will have to advise on a much wider range of climate scenarios.
Resilience is the watch word. Businesses need to get engaged on the areas materially relevant to their business. For example if you're a consumer goods company you need to consider the longer-term security of supply of the resources you need, where you will source them from, and the more day-to-day issues of how you deal with the potential for
disruption to their supply or delivery caused by extreme weather events."
[]"Doing the analysis makes you realise the sheer scale of the issues we face,"
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