Extreme weather hit profits at over half of Canadian businesses: survey

Ian Bickis, The Canadian PressCars are partially submerged in flood waters in the Don Valley following heavy rain in Toronto on July 16 2024. THE CANADIAN PRESS/Arlyn McAdorey

“This has obviously become very real world for Canadian businesses,” said Roopa Davé, KPMG’s Canadian climate risk leader. The survey, conducted in June, found 88 per cent of companies were willing to make more investments to support climate-related goals, but also 80 per cent said their firm lacks the resources to make emissions reductions a top priority.

One of the growing areas of impact is on the insurance front, with 30 per cent of businesses reporting their coverage was either cancelled or the costs increased significantly.

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