Only 20% of businesses and organisations are prepared for climate-related disasters, new research reveals as the COP29 climate summit takes place.
The research carried out by the Association of Chartered Certified Accountants (ACCA) reveals that just 17% regularly rehearse their response to major disruptions, while 25% have no mechanisms in place to build resilience.
"With the Climate Council recently highlighting that all sectors of the Irish economy are vulnerable to climate change and the EPA noting that risks including supply chain disruptions, changing policy, and changing consumer demands may affect businesses, global and Irish businesses must act now," said Stephen Noonan, Head of ACCA Ireland.
"Recent floods in Spain and closer to home in Cork as well as intensifying hurricanes worldwide are harrowing reminders that climate change is not a distant threat, it is reshaping lives and communities right now," he added.
Mr Noonan urged organisations to make climate adaptation a priority.
"The escalating environmental threats demand comprehensive preparation measures," he said.
"Yet this survey reveals that climate adaptation planning is still not receiving the urgent attention it requires.
"It's time for businesses in Ireland and across the world to take decisive action to protect both their future and the communities they serve," he added.
ACCA will be sharing the findings of this report, and other research and guidance it has produced on a range of sustainability issues at the COP29 climate summit in Azerbaijan.
The report includes tool kits for finance teams to build skills in resilience in areas of scenario testing, crisis management planning and business continuity plans.
It also lists key actions business and governments must take to build resilience and address climate-related risks.
