World's big firms see $1tln hit from climate change

Credit: Reuters Studio
Published on June 4, 2019 - Duration: 01:26s

World's big firms see $1tln hit from climate change

The world's biggest firms are expecting climate change to cost them over $1 trillion, according to a report published Tuesday.

Julian Satterthwaite reports.

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World's big firms see $1tln hit from climate change

The world's biggest firms are totting up the cost of this kind of thing.

Devastation wrought by a changing climate.

And the bill could come to almost one trillion dollars.

The figure was calculated by British-based charity CDP.

It has scoured data from 215 of the world's biggest companies.

That includes Apple, Microsoft, Sony, Nestle and Unilever.

In all they're expecting 970 billion dollars in extra costs due to climate change.

Hotter temperatures, chaotic weather and taxes on greenhouse gas emissions among the factors.

Corporate concern over global warming has grown in recent years.

A spate of super storms, floods, wildfires and other disasters has made it harder to ignore.

Even big oil has noticed.

Last year Shell said it would commit to meeting goals set out in the Paris climate accord.

It linked carbon reductions to executive pay.

But some big firms might find upsides to a warmer planet.

The 215 companies surveyed by CDP see over 2 trillion dollars in opportunities related to climate change.

Everything from electric vehicles to renewable energy.

Greens will hope that doesn't make them see global warming as a growth opportunity.

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