80% of companies unprepared for possible climate disasters: ACCA report
climate risk assessments are critical for business organisations and the finance function, including the CFOs and finance teams, are key to this transformation, says a report by the Association of Chartered Certified Accountants.
As business leaders have to be adequately equipped to deal with disruptions due to climate-related events, the report also has tool kits for finance teams to build resilience skills in areas of scenario testing, crisis management planning and business continuity plans.
Key insights
“The recent floods across India from Assam and Tamil Nadu to Bengaluru are harrowing reminders that climate change is not a distant threat; it’s reshaping our lives and our communities right now,” says Md. Sajid Khan, Director-India of the Association of Chartered Certified Accountants.
But only 20% of businesses and other organisations covered in the report have identified climate-related risks across their operations. Only 17% regularly rehearse their response to major disruptions, while 25% have no mechanisms in place to build resilience at all, shows the report. Two-thirds of the respondents are not investing adequately to address the physical risks posed by climate change, and only 37% plan to increase spending in this area.
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