De-risking business from climate change impact top priority of industries: Survey

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New Delhi: De-risking business from impacts of climate change and becoming environmentally sustainable is one of the top priorities alongside increasing worker productivity and production, a new survey has said.

The survey of over 400 industrial companies in Maharashtra by Climate Trends revealed that a majority of 65% would prioritise reducing dependence on non-renewable resources, water harvesting/recycling and switching to renewable energy.

“A majority of Maharashtra’s industrial sector (more than 70%) believes that climate change is a real issue, however, some nuances exist,” the survey said. “Those associated with largest industries have a stronger acknowledgment of the issue compared to those working with MSMEs.” Nearly half of those surveyed believe that climate change impacts their industries and business “by a lot”.

The direct impacts to the businesses are productivity, expenditure and profits and supply chain of the business, it said.

“A majority (65%) of the industrial sector ranks de-risking business from climate change as one of the top priorities for their business,” it said.

Other priorities being increasing worker productivity, raising output, strong preparedness for any situation, more efficient chain supply management and decrease worker attrition rate.

In addition, industries also feel supported to fight against changing climate/environment landscape by the central government and industry association. Large industries have better access to technical advisory and expert support from the government.

“During COVID-19 pandemic, more than 50% of industries/businesses were highly impacted but this has made 60% businesses to re-evaluate their contingency plans to better manage the sudden disruptions in future,” the survey added.