Insurers lead climate change adaptation

    
    Other businesses that take a 'wait-and-see' approach do so at their own
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LONDON , ON, Oct. 13 /CNW/ - According to a new study from the Network for Business Sustainability, insurers are the most advanced organizations in adapting to climate change.

The report - a thorough review of more than 200 studies since 1997 on how businesses adapt to climate change - includes a sector-by-sector analysis of the risks and opportunities climate change brings and tools to help businesses adapt.

"While climate risks and opportunities are often sector-specific, some sectors are emerging as leaders and have done so through collaboration," said Tima Bansal, Professor at the Richard Ivey School of Business and Executive Director at the Network. "Lagging sectors can learn from these leaders to innovate new ideas."

What sets the leading insurers apart are their institutional networks, which promote collaboration. For example, one insurance company in the study assembled insurers, academics, governments and NGOs to find solutions to climate change risks.

While there is a growing consensus that adaptation is a central strategy in dealing with the impacts of climate change, the report found most businesses haven't yet incorporated substantial measures and many are focused on mitigating instead of adapting.

"Scientists continue to be shocked by how fast the climate is changing, and we know emissions will ultimately be regulated," said Bansal. "The 'wait and see' approach for businesses is no longer an option."

Go to the full media release: http://bit.ly/BwnIf

For further information: Jo Ann Robinson, Communications Manager, [phone] x88107, [email protected]