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KPMG releases 'Climate changes your business'
Six major industry sectors are in particular danger from climate change risks, KPMG claim.
Aviation, healthcare, tourism, transport, oil and gas and the financial services sector all feature in the "danger zone" in a report on climate change risks from KPMG1 - meaning that they score highly on the risks which face them yet score poorly in terms of their preparedness to face these risks. In addition, KPMG claims that the 18 sectors included in the report - even the three deemed to be in the "safe area" - are not sufficiently prepared to deal with the new risks associated with climate change.
The climate change risks that companies should be paying more attention to are physical, regulatory and reputational risks as well as the emerging risk of litigation; yet the scope and potential impact of these risks appears to be under-estimated across all sectors.
The reports findings are based on a review of 50 authoritative published studies addressing the business risks and economic impacts of climate change at sector level. The published reports have been analyzed and a 'risk score' for each sector has been assessed. At the same time, the business sectors have been rated according to their preparedness for climate change impacts.