{"id":17241,"date":"2022-08-10T13:06:37","date_gmt":"2022-08-10T13:06:37","guid":{"rendered":"https:\/\/www.instantoffices.com\/blog\/?p=17241"},"modified":"2022-08-10T13:06:42","modified_gmt":"2022-08-10T13:06:42","slug":"cost-of-climate-change-on-business","status":"publish","type":"post","link":"https:\/\/www.instantoffices.com\/blog\/featured\/cost-of-climate-change-on-business\/","title":{"rendered":"Cost of climate change on business"},"content":{"rendered":"\n

From loss of resources to supply chain issues, climate change is creating a knock-on effect that directly impacts businesses worldwide. If we continue our current trajectory with existing policies, research suggests extreme weather events could erase *$17 billion from the UK\u2019s GDP by 2050.  <\/strong><\/p>\n\n\n\n

With a predicted GDP<\/a> of $5369 billion by 2050, the UK is on track to be one of the top 10 largest economies in the world, but climate change costs could reduce it by 3.3%<\/a>.<\/p>\n\n\n\n

While the scenario might seem far off, many organisations are already feeling the effects of extreme weather. Globally, 82%<\/a> of executives say they\u2019re concerned about climate change, with businesses in the US, UK, China and Australia admitting urgency.<\/p>\n\n\n\n

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Biggest climate threats to UK companies<\/strong><\/span><\/h2>\n

There are several ways in which climate change can impact the economy and local businesses. Based on our current trajectory and policies, the nine biggest risks companies could face in the next century are below.<\/p>\n

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Looking to the future, the most considerable risk facing UK businesses is the impact of climate change on other countries. If the government starts losing trading partners, the cost to our GDP could be significant.<\/p>\n

The second biggest climate threat is to coastal areas, with rising sea levels set to impact 5.4 million people. With expected damages predicted to total \u00a368 billion, the cost of climate change could erase 0.56% of our GDP.<\/p>\n

The third biggest threat is to overall health due to the impact of extreme heat in the UK, which could cause a 0.40% reduction in GDP.<\/p>\n

Countries fighting climate change<\/strong><\/span><\/h2>\n

Despite best efforts, according to the Climate Change Performance Index<\/a>, no single country is doing enough to combat climate change today. To illustrate this, in its ranking of the top nations worldwide working hardest to mitigate climate change, the first three spots on the table are empty. Of the countries that do appear, the UK is among the top 10.<\/p>\n

1-3: No one
4: Denmark
5. Sweden
6. Norway
7. UK
8. Morocco
9. Chile
10. India<\/p>\n

What can you do? <\/strong><\/span><\/h2>\n

In the UK, 8 in 10 SMEs<\/a> consider climate action a high priority and are making efforts to reduce emissions in the following ways:<\/p>\n