The report published yesterday by British International Investment, the UK’s development finance institution, showed that 58 per cent of companies in Africa and South Asia had been hit by events such as; extreme flooding, storms or droughts over the last year, compared with just 48 per cent of respondents in the previous year’s survey.
The startling findings also revealed that “68 per cent of respondents said climate change is affecting their business today, while 40 per cent of respondents have been impacted by flooding, while 25 per cent have been affected by drought. “More than half thought climate change will affect the viability of their business in the next five years, while 72 per cent were concerned that climate change will impact plans to grow their business or investment portfolio over the next ten years.
“91 per cent agreed to some extent that organisations that take steps to reduce their carbon emissions and reduce vulnerability to physical climate change risks will be more successful in the long-term; up from 82 per cent last year.“92 per cent agreed that better and more targeted investment is needed to reduce emissions and vulnerability,”
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