Message from the President and CEO – Facing the Elements

Climate change means business. And adapting to a changing climate by reducing risks, seizing opportunities, and building resilience should be part of any business strategy. Many businesses are already on the frontline of climate change, experiencing or planning for extreme weather events, supply chain disruptions, and the need for long-term infrastructure investment. But many more need to get ready. And government needs to play its part too.

Our Climate Prosperity reports have illustrated the physical impacts of climate change already apparent across Canada’s regions and sectors and those expected to occur this century. We have shown how unabated climate change presents an economic risk to Canada and how global action to arrest emissions and domestic action to adapt to climate change makes economic sense. Yet few firms are adjusting business strategies and practices to prepare for future climate realities.

We spent over a year considering how Canadian businesses can and should adapt to climate change and how governments can help. Our three-report series on Facing the Elements: Building Business Resilience in a Changing Climate is the product of new research and convening that explored the issue from the vantage point of the firm, outlining roles for government and business in tackling the adaptation challenge together. It consists of this Advisory Report to government and business, a Business Primer aimed at the business community, and a Case Studies report which forms the foundation of much of our learning and advice from climate pacesetters. The advice is practical and achievable.

During the course of this project three lessons became clear. First, governments and organizations that engage with businesses need to improve communications about what adaptation to climate change is, how it is relevant to business, and why a proactive stance can pay off. Second, adaptation to climate change will rarely be a first priority for business until it hits, so building resilience now within the firm from the boardroom right along the supply chain is sound business strategy. Third, collaboration between the public and private sectors to share climate change information and data, communicate across sectors, and invest in long-term critical infrastructure will be necessary.

Climate change impacts are inevitable. Planning for those impacts makes good business and government sense. Starting now will save time and money later. It’s time to face the elements and withstand them. We hope our work will start real conversations in Canada that are long overdue.

David McLaughlin
NRT President and CEO