Climate Deadlines are Getting Closer. Is Your Business Ready?

November 16, 2023 9 mins

Climate Deadlines are Getting Closer. Is Your Business Ready?

As COP28 approaches, leaders are exploring ways to make their businesses more sustainable and climate resilient.

Key Takeaways

Climate change and extreme weather events are causing businesses to reexamine their approaches to construction, supply chain management and decarbonization.
To build sustainability and resilience, industries around the world are incorporating research and data into decision making.
Insurance can help organizations identify and manage climate-related risks.

Climate, Construction and Strategic Change

Construction companies and developers are exploring ways to mitigate the effects of extreme weather and natural disasters by increasing efficiency and using new building methods and materials. But with CO2 emissions on the rise, the industry must accelerate its approach to innovation, risk management and partnerships. “Collaboration is the only way that all these things are going to be addressed,” explains Chris McLean, managing director, national leader, Construction and Infrastructure, Aon.

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For Sustainability, Businesses Turn to Academic Research

“When you think about climate and all the different components of risk involved, it’s easy to get overwhelmed,” says Liz Henderson, head of Catastrophe Analytics at Aon’s Reinsurance Solutions. To navigate the many interconnected risks associated with climate change, the energy transition and sustainable investing, organizations are partnering with academic researchers and using data to develop long-term strategies for resilience.

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There is an important role here for the insurance sector to support the clean-energy innovators, their pilot projects and early phases of development as well as the larger companies and larger projects.”

Euan Nicolson

Energy Transition Lead for Natural Resources at Aon

El Niño and Extreme Weather Threaten Supply Chains

“Climate is a risk amplifier,” says William Bruce, global managing director of Aon’s Climate Risk consulting group. As climate events become more severe, the ongoing effects of El Niño are creating obstacles for global supply chains. Businesses are seeking solutions to weather-related challenges in transportation and logistics, pricing stability and sourcing strategies along the supply chain.

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Decarbonizing Industries and Managing Risk

Reducing CO2 emissions requires a nuanced understanding of new and established risks, including adopting clean technology, securing access to capital and maintaining regulatory compliance. Insurance solutions can help businesses in the increasingly urgent pursuit of their decarbonization goals. “Every sector will be facing this challenge,” says Natalia Moudrak, managing director, climate resiliency leader at Aon’s Public Sector Partnership.

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Climate is a risk amplifier.”

William Bruce

Global Head of Climate Risk Consulting, Aon

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