Climate change is here and it’s impacting all types of companies, both public and private, in direct and indirect ways.

Office buildings, factories, warehouses, transportation networks, power lines, and the entire global supply chain are at risk of being affected by severe weather events. When major perils strike, operations are often forced to grind to a halt, or worse, face being decimated altogether. In 2022 alone, the U.S. experienced 18 extreme weather events that added up to over $1 billion in damages each, reports the National Oceanic and Atmospheric Administration (NOAA).  

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Business leaders are responding to the urgency of the moment. They’re doing so by taking the time to understand their level of vulnerability and calculating the financial toll of this risk. Beyond these foundational steps, cutting-edge organizations are adopting strategies that build climate resilience to ensure business viability and gain a competitive advantage. 

Steps for Embracing Climate Resilience in Business

Climate resilience for businesses requires figuring out the financial impacts of exposure to physical climate risk threats, taking action to safeguard company investments, and reducing or eliminating the company’s exposure to climate change-related threats to unlock a competitive advantage and business value. 

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As a first step toward embracing climate resilience, organizations must evaluate their exposure—both the exposure of their physical locations and assets as well as the vulnerabilities of their suppliers and partners—to extreme weather events. This involves leveraging science-backed climate risk analytics to get granular projections about potential hazards related to flood, wind, heat, precipitation, fire, drought, hail, and cold expected to impact the business’s geographical footprint and supply chain.

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This must be an ongoing process. Advanced organizations regularly assess their threat level, explore their options to mitigate against risks, identify opportunities for value creation, prioritize taking action, and proactively adapt. 

How Businesses Can Assess Their Climate Resilience 

With extreme weather events on the rise, businesses need to act fast to get ahead of the challenges that lie ahead. Some organizations are better positioned than others, but how can leaders know how they compare to others in their industry?

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Up until now, it hasn’t been easy for companies to see where they fall along the spectrum of climate change readiness. But that’s changing thanks to the introduction of The Climate Resilience Maturity Index, a new framework businesses can use to evaluate how prepared they are to face accelerating climate change and assess how advanced their strategies and practices are within a broader global context. 

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All over the world, companies across industries are actively adopting climate risk management practices to evolve and become more resilient and more competitive. A leader in climate risk analytics, Jupiter Intelligence has extensive experience working with organizations to adapt their strategies. This has allowed us to develop expert knowledge of climate resilience for businesses. Based on these unique insights, our experts have developed The Climate Resilience Maturity Index, which is comprised of five levels—from novices that have started basic reporting but have few climate risk-related processes to cutting-edge companies that are purpose led and can anticipate, plan for, respond to, and mitigate against severe weather events, safeguarding their physical assets and revenue. The Climate Resilience Maturity Index includes parameters that define each level and details the steps organizations can take to advance and become climate resilient. 

Find Out Your Company’s Climate Resilience Maturity Index Level

Want to see how prepared your organization is for the effects of climate change? Find out your level of risk and resilience and get expert insights on how to better safeguard your company’s investments in the new eBook from Jupiter, The Climate Resilience Maturity Index. 

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