Too few companies are making the effort to mitigate climate change risks

‘As climate change takes hold, few businesses will be able to escape the impact of greater competition for resources,’ says Richard Ward, chief executive of Lloyd’s of London.

However, a recent survey revealed that around a third of the largest FTSE companies have not taken any action to mitigate the risks associated with climate change.

Through its impact on global weather patterns, water scarcity, food production, energy supply and migration, climate change could have a range of negative effects on business.

For instance, there is a risk of mass migration from the developing world to the developed world as countries closer to the equator suffer the worst effects of global warming. There is also a risk of resource wars, particularly in Asia and Africa, as the competition increases for scarce resources.