Schneider Electric and Women Action Sustainability (WAS) Launch New Report on Climate Adaptation to Build Resilience
- Nearly 40% of companies surveyed for this study have developed climate adaptation plans, yet only 6% have fully implemented adaptation measures.
- This report includes recommendations for large enterprises, the financial sector, and public administration to effectively plan and implement climate adaptation actions to ensure the resilience of businesses and communities amid the climate crisis.
Schneider Electric, the leader in the digital transformation of energy management and automation, has collaborated with Women Action Sustainability (WAS), a non-profit association that promotes sustainability among companies, institutions and society, to publish a new report entitled, “Creating Sustainable Impact: Building Resilience Through Climate Adaptation”. This report highlights the interdependencies between public and private stakeholders and the collective responsibility required to drive actions to build resilience amidst escalating climate change impacts.
"At Schneider Electric, we recognize the vital importance of integrating climate risk and adaptation strategies to enhance the resilience of businesses,” said Steve Wilhite, President, Schneider Electric Sustainability Business. “Climate change is impacting many companies financially, not only with destruction of physical assets but also due to higher interest and insurance rates. Schneider Electric is dedicated to pushing the boundaries of climate progress, collaborating with our network to integrate sustainable practices throughout our ecosystem.”
This report highlights how businesses from various industries and regions are addressing climate-related risks with adaptation strategies and identifies market opportunities and gaps that require attention. The following are several key findings from this report:
- 38% of companies have developed clear climate adaptation plans, however, only 6% have fully implemented outlined adaptation measures.
- Only 12% have detailed methods to quantify the financial impact of physical climate risks.
- Many have experienced climate-related impacts on their supply chains (30%) and on direct operations (28%).
- 30% of companies surveyed do not have insurance coverage to mitigate financial risks linked to climate hazards.
Climate risk is broadly recognized as a financial risk and is expected to have a significant impact on corporate profit and loss statements. The United Nations reports that extreme weather events have led to $4 trillion in losses over the past 50 years. With the global temperature escalating, the frequency and severity of climate-related disasters are projected to rise annually, reinforcing the urgency to develop climate adaptation plans and actions. In the UNEP’s Adaptation Gap Report 2024, the finance adaptation gap is estimated to be between $194-366 billion USD per year, which is a factor for the lag in adaptation planning and implementation efforts.
“Adaptation is highlighted as a major emerging trend, given the increasing frequency and intensity of extreme weather events, and corporations are experiencing the impacts of climate change,” said Mónica Chao, President, Women Action Sustainability. “We aim to inspire action in climate adaptation at the corporate level. We invite not only corporations, but all stakeholders, including policymakers, financial institutions, and insurers, to engage in collaboration to drive and enable action.”
The report highlights that, while businesses around the world are showing efforts to mitigate their impact on the environment, current ways of operating will need to change to ensure the resilience of activities. This transformation requires investment. The involvement of the banking and financial services sector is key to support companies in the process of implementing their adaptation plans. WAS wants to call on public administration and scientists, also at the global level, to help companies on this path by providing guidance, tools and resources as needed.
Ana Peña, President of Women Action Sustainability’s Climate Change Group, adds, “in a world where demands and conditions change rapidly, accelerating infrastructure adaptation strategies is crucial to ensure resilience and efficiency. The ability to anticipate and respond agilely to new challenges and opportunities ensures that infrastructures not only support the present but are also prepared for the future.”
This report offers strategic recommendations to help corporations mobilize action, while emphasizing the critical roles of the financial sector, which serves as a catalyst for change, and public administration in facilitating climate adaptation planning. This report also addresses the need for businesses to not only adapt current physical assets, but also proactively design future physical assets to be more resilient and capable of withstanding the impacts of climate change.
Download the full report here.
About Women Action Sustainability
Women Action Sustainability is a non-profit association, made up of more than 200 women managers, whose goal is to ensure that sustainability is present at the tables where decisions are made at the highest level. Thus, through female leadership, WAS calls on companies, institutions, entities and society in general; to boost their commitment to sustainability through an integrative, informed, diverse and professional approach. https://wasaction.com
About Schneider Electric
Schneider’s purpose is to create Impact by empowering all to make the most of our energy and resources, bridging progress and sustainability for all. At Schneider, we call this Life Is On.
Our mission is to be the trusted partner in Sustainability and Efficiency.
We are a global industrial technology leader bringing world-leading expertise in electrification, automation and digitization to smart industries, resilient infrastructure, future-proof data centers, intelligent buildings, and intuitive homes. Anchored by our deep domain expertise, we provide integrated end-to-end lifecycle AI enabled Industrial IoT solutions with connected products, automation, software and services, delivering digital twins to enable profitable growth for our customers.
We are a people company with an ecosystem of 150,000 colleagues and more than a million partners operating in over 100 countries to ensure proximity to our customers and stakeholders. We embrace diversity and inclusion in everything we do, guided by our meaningful purpose of a sustainable future for all.
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