2023 was the warmest year on record globally and Europe is now the fastest-warming continent, with extreme weather conditions becoming more common. In response to this, the European Environment Agency has developed the European Climate Risk Assessment to examine the climate risks, their consequences, and priorities for policy action. As we work towards transport decarbonisation and towards the UK's net zero goals, it’s important to recognise the potential impact of our action or inaction.

Current climate risks

We are already seeing serious consequences of climate change across Europe. The sea level is rising at an accelerating pace, meaning there is a greater risk of coastal floods, erosion, and saltwater intrusion into groundwater. Some regions are experiencing heatwaves, prolonged droughts, and wildfires, which lead to infrastructure failures and blackouts, and degrade water resources that people and systems rely on. At the same time, in other parts of the continent, extreme precipitation is leading to catastrophic flooding.

Socio-economic consequences

Beyond physical destruction, these risks have far-reaching socio-economic impacts. As climate change is a risk multiplier, its effects can cascade to impact whole systems and societies leading to water and food insecurity, threats to financial markets, and disruptions to critical infrastructure, which threaten vulnerable social groups the most.

The report outlines a “pessimistic scenario”; if decisive action is not taken now, most climate risks identified could reach critical or catastrophic levels by the end of the century, leading to hundreds of thousands of deaths due to heatwaves and economic damages in excess of 1 trillion euros per year due to coastal flooding alone across the EU.

Policy approach  

So, what can we do? At present, climate risks are outpacing the implementation of policies, so urgent action is needed to reduce global greenhouse gasses and minimise the negative impact of climate change.  

It's essential to adopt a long-term view that considers and consolidates resilience to climate change. For businesses, adopting a triple bottom line framework that ensures benefit to people and the planet are measures of success is key. As such, climate action can be used as a catalyst for positive socio-economic change, creating an inclusive transition to net zero. Aligning with platforms like B Corporation can provide the opportunity to re-evaluate ways of working and identify space for improvement within the organisation and its supply chain.

Inaction is no longer an option, as organisations we have a responsibility to educate ourselves and do better for our planet. For information about using business as a force for good, learn more about B Corporation here.

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