As the chart above shows, the difference of 0.5°C in global temperature rise nearly doubles the risk of extreme heat events. Preventing that that increase is still possible, but only if individuals and political and business leaders take immediate, concerted action.

Businesses need to adapt to climate change

In the meantime, adaptation is mandatory for survival. Businesses that don’t take steps to prepare now—whether that means relocating away from flood zones, securing alternative supply chains, or transitioning away from carbon-intensive business models—are unlikely to survive, said Lou Gritzo, vice president of research at FM Global, one of the world’s largest commercial property insurers.

“I think this report is going to be a point of departure for companies to start looking at their business in a very different way,” he said. “This will be a catalyst for more companies to take action, and I hope it spurs some innovation.”

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