Health and security services company International SOS has released its International SOS Risk Outlook 2024 report, which shares key insights into the impact of climate change on businesses worldwide.
The report revealed that 72 per cent of respondents believe that extreme weather events will significantly impact their business or people in 2024.
In the Middle East, specifically, 62 per cent of respondents, when reflecting on the past 12-month experience, perceive an increase in risks related to health, wellbeing, and security.
Twenty per cent said that these risks have stayed constant, with a further 18 per cent indicating a decrease.
The report highlights the diverse consequences for the workforce, including increased health risks such as heat-related illnesses and associated decreased productivity.
Extreme weather events also have the potential to lead to disruptions in global supply chains, it said.
Beyond the physical implications, mental health and absenteeism are also key factors.
Looking ahead, 48 per cent of respondents reported that climate change anxiety is an issue they have encountered among their workforces. Meanwhile, 42 per cent think that their organisation is not necessarily fully prepared to respond to / mitigate disruptions caused by climate activism.
A total of 41 per cent of respondents think that their organisation is not necessarily fully prepared to respond to/mitigate environmental threats, and 26 per cent have already reported operational disruption attributed to climate change.
The report recommends five measures that organisations can implement to mitigate climate change risks and safeguard their workforce this year. This includes:
- Developing a comprehensive climate risk management plan and strategically mapping climate change impacts on operations to inform mitigation strategies and investments effectively.
- Engaging employees across the organisation, fostering collaboration among HR, risk managers, and the C-suite to harness diverse expertise in combating climate-related risks.
- Enhancing security protocols and prioritise medical preparedness by establishing a system to identify, assess, and control health and security risks related to climate change. It is also suggested that they understand the capacity of local healthcare facilities and ensure access to medical care during disruptions.
- Providing the workforce with adequate emotional support solutions, implementing programmes to address the mental health impacts of climate change on employees.
- Leveraging external expertise and data, harnessing the insights and support of third-party experts to conduct a climate vulnerability risk assessment and learning best practices to navigate the complexities of climate risk management effectively.