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Finance / Corporate strategy

Climate change impacting operations, say business leaders

Executives say climate change is having a negative effect on many companies, reports Deloitte. However, only a minority of firms are certain to step up climate action following the Covid-19 pandemic.

Climate change is impacting operations and leading many companies to face a scarcity of resources, say executives interviewed by consultancy Deloitte in its most recent Climate Check report.

Extreme weather such as flooding is closely related to rising global temperatures. Such events are already affecting businesses. (Photo by Christopher Furlong/Getty Images)

Between January and February 2021, Deloitte surveyed 750 business executives about the climate crisis. While leaders acknowledged the impact of climate change and the need to act, many said the coronavirus pandemic and corresponding economic downturn had slowed environmental sustainability actions in their companies.

Sixty-five per cent of executives said their organisations will need to cut back on environmental sustainability initiatives in some way due to the pandemic. Nearly 25%, however, insisted their organisations would accelerate environmental sustainability initiatives in the months ahead.The shifting regulatory and political environment, and increasing shareholder and employee activism, were cited as two forces driving corporate climate action.

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