Half of UK Businesses 'Have Not Prepared for Climate Risks', Survey Finds

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The survey was conducted by the Chartered Institute of Internal Auditors (Chartered IIA) and The Climate Group. It polled chief audit executives at 67 FTSE-100 firms and other large businesses on their approach to preparing for climate change.

While more than two-thirds of the respondents said climate change will present risk to their business in the short to medium-term, 52% revealed that they have done either little or no work so far to prevent climate-related risks.

The CIIA believes that there is a tendency among the private sector to conceptualize climate change - and the related physical, transition-related and reputational risks - as a future problem which does not require extensive planning at present.

It also found, through the survey, that many businesses fell they are not receiving adequate policy support for measuring, disclosing and minimizing climate-related risks. Two-thirds of respondents said they want the Government to introduce further requirements in this space and eight in ten would welcome a universally agreed framework to report climate-related information.

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