AUGUST 2024 19 ENVIRONMENTAL BUSINESS REVIEWNAVIGATING CLIMATE CHANGE: OF THE CRITICAL VALUE OF RISK MANAGEMENTBy Thomas Robisco, Global Head of Sustainability, SulzerIntroductionClimate change, a term that has echoed through the halls of science since the 1970s, is no longer a distant threat but an imminent and relentless reality. The world has witnessed a surge in the physical impacts of climate change in the past years, even in the absence of the notorious El Niño effect. These impacts have come at a steep price, with the cost of damage estimated at a staggering $3 billion per event. The economic, social, and environmental consequences of climate change are on the rise and have the potential to unleash major disruptions across the globe. In this article, we will explore the urgent need for decisive action, the importance of risk management, building resilience, and the role of policymakers in navigating the turbulent waters of climate change. We will illustrate these concepts through the lens of the hydropower sector in Switzerland, where the consequences of climate change are already felt.Part 1: The Decade for ActionAs we stand at the edge of a climate crisis, the next decade is crucial for action. Mitigation efforts are paramount to curbing the devastating effects of climate change. The international community is witnessing a surge in commitments to reduce carbon emissions. However, this surge is accompanied by a simultaneous Thomas RobiscoINSIGHT SCXO
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