Businesses and other organizations are not prepared for weather-related disasters, with out-of-date business continuity plans failing to reflect the frequency of disruption of climate-related events, according to ACCA’s latest report ‘Weathering the storm: building resilience against climate disruptions’.
This new report paints a concerning picture of organizational preparedness, with only 20% of businesses and other organizations surveyed for the report identifying climate-related risks across their operations. Even more troubling is that a mere 17% regularly rehearse their response to major disruptions, while 25% have no mechanisms in place to build resilience at all.
Overall, says the report, resilience is not a priority for organizations with two-thirds of respondents not investing adequately to address the physical risks posed by climate change, and only 37% planning to increase spending in this area.
The escalating environmental threats demand comprehensive preparation measures. Yet our survey reveals that climate adaptation planning is still not receiving the urgent attention it requires. It’s time for organisations to take decisive action to protect both their future and the communities they serve.
Emmeline Skelton, Head of Sustainability at ACCA
Data for the report came from the ACCA Global Economic Conditions Survey of over 600 finance professionals around the world.
The report includes tool kits for finance teams to build skills in resilience in areas of scenario testing, crisis management planning, and business continuity plans. It also lists key actions business and governments need to take to build resilience and address climate-related risks.
