Physical climate risks are on the rise. However, progress on adaptation still varies, leaving some financial and non-financial corporates vulnerable. Paul Munday, Director and Global Climate Adaptation and Resilience Specialist at S&P Global Ratings, explains
Extreme weather events and chronic physical climate risks are worsening globally. If mitigation efforts are not stepped up, by 2030, the number of climate-related disasters could be 40% higher than in 2015. The impact on economic growth will likely be heterogenous: if corporates do not adapt, up to 4.4% of the world’s GDP could be lost annually under a slow transition scenario, with developing countries disproportionately affected.
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