According to a new report by PricewaterhouseCoopers (PwC), climate change is being integrated into the risk management and supply chain strategies of businesses.
PwC assessed threats facing operations and concluded that environmental and social challenges are “posing greater commercial risks than ever”.
In order to secure the continuity of supply chains and logistics, the organisation advised companies to ensure their risk management strategies evolve in order to meet growing threats such as resource scarcity, climate change, social unrest, labour concerns and price volatility.
For example, 83% of the S&P companies surveyed by PwC stated they are integrating climate change into enterprise risk management processes, with the firm warning that resilience is essential as global energy demand is expected to leap by 36% by 2035 and food demand by 50% by 2030.
Plans by the government to improve access to finance within supply chains were recently welcomed by EEF, the manufacturers’ organisation, which suggested access to finance will help to create a “dynamic and healthy UK supply base”, potentially reducing risk.
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