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- Climate change has become a significant boardroom issue requiring action: There is growing recognition among businesses that climate change may very likely result in substantial transformation of their business as well as bring new opportunities. However, a substantial knowledge gap exists about what is required to create a net zero-carbon business.
- Most companies treat climate risk as a serious business issue: There is clear recognition that climate risk equates to financial risk. In addition, companies are now much more focused on becoming climate resilient and recognizing the importance of climate risk to the success of their business strategies
- Companies are being pressured to implement decarbonization strategies: Investors are key influencers and have become very focused on climate issues when evaluating investment and divestment decisions. In addition, regulators and employees have become an important factor, and there is an ever-increasing consumer demographic that has put climate change at the top of their priorities.
- The new focus on climate risk is manifesting itself on companies’ People Agenda: Climate action is increasingly becoming a key driver of executive remuneration via long-term incentive planning. Also, as the war for talent heats up, the rapid polarization of younger generations on the topic of climate change has become a concern across the corporate landscape.
- Critical barriers to decarbonizing business remain: These include, high costs of decarbonization; inability to source technology solutions; limited skills and expertise; and lack of awareness of potential solutions to finance climate resilience and decarbonization strategies.
To learn more about this report and insights discussed, or to discuss your climate risk roadmap, please contact your local KPMG advisor or the contributors in this report.