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Companies often understand climate risk as the exposure of operations to a physical hazard (such as an extreme weather event, flood, drought, or sea-level rise).  As a result, their strategies for resilience have typically focused on building infrastructure to withstand physical hazards and protect core operations.  Similarly, companies have focused on their own operations when determining material risks, which means they have underestimated risks across the supply chain.  Furthermore, companies may underestimate their capacity to build resilience through their innovations, products, and services and are therefore missing out on opportunities to demonstrate leadership, gain reputational value, and have a positive environmental impact.

David Kuhn - University of Michigan


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