10 Ways Climate Change Will Impact Business

Many organizations provide practical resources for businesses on climate adaptation, including the EPA's Climate Adaptation Resource Center. Global initiatives like the Climate Resilience Toolkit, CDP Worldwide, and the Climate Risk Innovation Initiative are other excellent sources. Most sectors also have industry-specific guidance from groups like the American Hospital Association or Responsible Corporate Office Initiative.

A recent report by Swiss Re estimated that climate change could cost the global economy $23 trillion by 2050 due to lost productivity and weather damage unless adaptation measures are implemented. In the U.S. alone, the toll of disasters on businesses in 2021 topped $145 billion. Individual companies like Apple, Chevron and Disney report billions more in direct climate risk costs annually. Taking proactive steps to adapt and build resilience can help firms mitigate these losses.

Disaster risk mitigation and management refers to all the policies, strategies and practices businesses employ to reduce the impacts of climate change and weather events. This includes climate adaptation measures, emergency response planning, insurance, community engagement and early warning systems. Robust disaster risk management systematically identifies vulnerabilities, implements targeted solutions, and monitors their effectiveness at lowering climate risk exposure over time.

Yes, organizations like the Disaster Recovery Institute International and the Business Continuity Institute have developed widely used standards for business continuity programs. These include the Professional Practices for Business Continuity Management and the Good Practice Guidelines. Adhering to standards ensures appropriate steps are taken for plan development, training, exercises, maintenance and review.