10 ways business leaders can build resilience in the face of climate hazards

illuminem summarizes for you the essential news of the day. Read the full piece on the World Economic Forum or enjoy below:

🗞️ Driving the news: A new World Economic Forum report outlines 10 key strategies for business leaders to build resilience against escalating climate hazards
• The report quantifies risks to assets across 20 industries and emphasizes the need for proactive adaptation to avoid financial and operational disruptions

🔭 The context: Businesses face increasing threats from extreme climate events like heatwaves, flooding, and drought, with fixed asset losses projected to reach $560-610 billion annually by 2035
• Failure to adapt could result in 7% earnings losses, particularly impacting utilities, telecommunications, and travel sectors

🌍 Why it matters for the planet: Integrating climate resilience strategies can protect ecosystems, reduce resource stress, and secure sustainable supply chains
• By addressing risks today, businesses play a vital role in mitigating global climate impacts and supporting communities

⏭️ What's next: The report recommends actions like decarbonizing operations, developing contingency plans, adopting circular business models, and fostering public-private collaborations to strengthen resilience
• Leaders must act swiftly within the next 24 months to integrate climate risk into core strategies

💬 One quote: “Businesses that fail to adapt to climate risks could lose up to 7% of earnings by 2035.” – World Economic Forum Report

📈 One stat: Climate hazards could drive $560-610 billion in annual fixed asset losses by 2035, rising to $1.1 trillion by 2055 under severe scenarios

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