Bloomberg no paywall: “Climate change is already having an impact on companies around the world. Over half of the firms surveyed in a recent Morgan Stanley report experienced the climate’s impact on operations within the past year, including increased costs, worker disruption and revenue losses. The growing financial impacts are a key reason some companies are continuing to pursue emissions cuts and adapt to a warming world even amidst political turbulence, the survey found. Extreme heat and storms were the leading disruptions, followed by wildfires and smoke, water shortage, and flooding or rising sea levels, according to the new report. The US alone has spent nearly $1 trillion on disaster recovery and other climate-related needs over the past year, a recent Bloomberg Intelligence analysis found. Data collected by the US Census Bureau shows how these impacts can play out locally: For example, nearly two-thirds of businesses in the Tampa metro area surveyed reported losses due to extreme weather following last year’s hurricane season when Helene and Milton made landfall on Florida’s west.

More than half of companies surveyed have experienced business impact from physical climate events in the past year. 57% of companies surveyed say events like extreme heat or storms have impacted operations in the past year, rising to 73% in APAC. Over the next five years, more than two-thirds believe that physical and transition risks from climate could impact demand, costs, investment needs and relationships with investors, with these concerns notably highest in North America. Companies are preparing to meet these challenges: 80% feel “very” or “somewhat prepared” to increase resilience coast…”