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COVID-19: A perspective on climate risk

COVID-19: A perspective on climate risk

Simon Weaver discusses the need to focus on the next big risk, climate change.

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Partner, Co-Head of Climate Risk and Decarbonisation Strategy

KPMG in the UK

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“As we all look to recover from COVID-19, it’s critical that we build resilience by rethinking how we look at risk.” 

In our latest video, Simon Weaver, Partner, Co-Head of Climate Risk and Decarbonisation Strategy, discusses what organisations can do to prepare for the next big risk following COVID-19 – climate change.

The COVID-19 pandemic has shown that companies need to take a longer-term view of risk and prepare for the big risks we know are coming- albeit, not exactly when. 

Two areas of focus

Changing the approach to risk isn’t a quick fix, but here are two thigs you can do now. 

  • Look at climate risk through a network lens to understand how the various climate risks, such as floods, fires and carbon pricing, interact with each other and your wider enterprise risks. This will help ensure you run realistic scenarios and that your planned strategic response is fit for purpose.  
  • Quantify the potential impact of the risk and opportunities. Once you have a number attached to it, and understand what those risks and opportunities are, you can start to build out your strategy to respond.   

COVID-19 has shone a light on the shortfalls of current risk management practices, but coming out of the crisis businesses can ensure resilience is in place for the future. 

Discover more on how your organisation can address climate risk. 

© 2020 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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