Despite all efforts made in terms of climate protection, the advance of climate change is unstoppable according to many scientists. The planet has never been hotter in recorded history and it continues to increase in temperature by just over 1 degree Celsius, or about 2 degrees Fahrenheit on an annual basis, as recorded by NASA’s Goddard Institute for Space Studies. The effects of this increase in temperature are being felt everywhere.
Rising temperatures are fueling more frequent and severe natural hazards including longer and hotter heat waves, droughts, more severe wildfires, intense rainfall events, and more powerful hurricanes. The impacts of climate change are far-reaching, harming people and property around the globe.
The Greenhouse Effect – Why Temperatures Are Rising
- Global warming occurs when carbon dioxide (CO2) and other greenhouse gasses collect in the atmosphere and absorb sunlight and solar radiation that have reflected off the earth’s surface.
- These pollutants can last for years to centuries in the atmosphere, which traps heat in the atmosphere causing the planet to get hotter, known as the greenhouse effect.
- The current era of climate change is directly attributable to human activity—specifically to our burning of fossil fuels such as coal, oil, gasoline, and natural gas, which results in the greenhouse effect.
- Scientist agree that the impact of the greenhouse effect is causing more severe natural catastrophes across the globe.
What Climate Change Means For You and Your Business?
Earlier this year, the Securities and Exchange Commission (SEC) proposed rule changes that would require publicly traded companies to include climate-related disclosures in their registration statements and periodic reports, including information about climate-related risks that are reasonably likely to have material impact on their business, results of operations, or financial condition. The SEC has announced its intention to promulgate a final rule by the end of the year with the goal that it will take effect in 2023.
Chubb offers organizations comprehensive service offerings of climate score delivery. The climate score describes the level of increased risk from climate change for flood, storm surge, wind, fire, and heat. They also provide additional services addressing the material or significant risks through more targeted and expanded climate change scenario analysis. Pricing per hour is dependent on the number of locations, their size, operation, and the depth of analysis.
Business Continuity Planning
Climate change challenges the resiliency and stability of your business, from property damage to supply chain disruptions. A strong and proven business continuity plan is more critical than ever. Implementing a plan provides a framework for returning to normal business operations, which helps make your company less vulnerable to unexpected events.
Before an event strikes invest time in your business continuity plan, for more resources click here.
While no business is immune to the impacts of climate change, below are resources to help mitigate risk and recover from an event, should one occur.
Download Our Climate Change Resources from Chubb Risk Engineering Services
Learn more about climate change and our resources that can help protect your business.