Business leaders in the UK are concerned about the lack of jobs and critical skills required to tackle climate change, according to a KPMG survey of 113 UK directors and C-suite executives from the world’s leading companies.
The estimated financial cost of climate change risks is $1trn (£748bn), which poses a “severe threat” to businesses, with company boards and management recognising the need to upskill in order to mitigate said risks.
Some 35% of respondents identified that employees are leaving roles because they are unhappy about their employer’s climate impact, while 40% of UK respondents indicated that employees have actively expressed dissatisfaction with their employer’s climate impact.
Bridget Beals, co-head of Climate Risk at KPMG in the UK, said: “Climate change is a strategic risk issue.
“The results of our survey demonstrated that business leaders are waking up to that fact, with 65% of executives noting they need to better understand the climate risks their companies face.”
He added: “Whilst there has been big uptake in the number of companies disclosing in line with the TCFD framework in 2020, many are not yet quantifying the risks, which will make it difficult to drive the right strategic decisions at the Board level – it is crucial that this changes over the next 12 months to drive the decarbonisation we need to meet the Paris targets.”