Electric utilities executives have climate change at the top of their minds these days. But despite recognizing risks to their current business operations, it seems many are taking a wait and see approach to dealing with it. This all comes from a forthcoming report from Acclimatise and IBM.
Responding to survey questions as part of the Carbon Disclosure Project, utilities executives identified power outages, damage to operational performance, increased demand from urbanization and stress on water resources as the biggest climate-change related risks to their current businesses.
The report will be made available shortly, but for anyone wanting the full details, you are invited to join a live web-based conference call today at 3 p.m. British Summer Time and 10 a.m. U.S. Eastern Standard Time. Registration is open to the public. Be sure to register as early as possible.
In the meantime, following are a few more statistics coming from the report, as quoted in the press release:
- While responding companies seem to have incorporated climate change in general into their governance structures, only a few electric utilities (6 percent) refer to adaptation directly as an integrated element of their governance, reporting and lobbying practices.
- 48 percent report to manage their climate risks, however adaptation actions are generally isolated and rarely form part of climate risk management strategies.
- 31 percent provide evidence of their climate change risks.
- Compared to identifying climate risks (93 percent), far fewer electric utilities report that they recognise the opportunities of changing climatic conditions (59 percent).