About 60 per cent of Canadian businesses say they were impacted by the unprecedented number of extreme weather events this year.
That's according to new research by KPMG in Canada.
A study by the firm found wide ranging effects on Canadian small and medium-sized businesses from rampaging wildfires, damaging storms, floods, and heat domes. The KPMG Private Enterprise Business Survey showed impacts on business operations ranged from damaged facilities and broken supply chains to increased costs and insurance claims. More than half of small and medium businesses experienced a significant rise in their overall costs, and 44 per cent experienced a direct loss in revenue.
"Our survey reveals that climate-driven disasters are having a devastating impact on lives, livelihoods, and the economy," said Doron Telem, National ESG Leader at KPMG in Canada. "An alarming number of companies - nearly six in 10 - were impacted because of extreme weather events, and the year is not over. A changing climate means businesses need to make climate risk a priority to manage the costly reality of being caught unprepared in the future."
Key poll findings:
59 per cent of Canadian SMBs say they were "directly impacted" by extreme weather events
51 per cent experienced disruptions in their supply chain or broken supply chains
45 per cent say their facilities were damaged, for example, a store or factory, etc.
41 per cent had to relocate their operations or move to other facilities
54 per cent say their costs rose significantly
44 per cent suffered a direct loss in revenue
44 per cent say their employees were also directly impacted
