TIC Council publishes its first Risk Mitigation Survey:

“Confronting the threat of climate change”  

On 25 July, TIC Council published its Risk Mitigation Survey – “Confronting the threat of climate change”, which it commissioned to Longitude, A Financial Times Company.

The risk mitigation survey was conducted amongst 400 C-suite executives to explore how businesses are planning to mitigate the impact of climate change. The survey is aimed at providing a better understanding of the evolving landscape for climate change risk management, and specifically how businesses are planning to mitigate its impact.

Key findings include:

  • Climate change, cyber risk and disruptive technology were the 3 biggest risks identified
  • 55% of respondents feel less resilient against climate risk than they did last year.
  • Executives are particularly concerned about the impact of climate change on production.
  • 71% of respondents are willing to spend up to 14% more on improved risk mitigation.
  • 30% of respondents are relying on regulators to support initiatives for labelling and certification to help them mitigate climate change risk.
  • 76% of executives trust independent third-party testing, inspection and certification companies to assist in reducing climate risk on their business.

Additional key findings of the survey were: Companies lack reliable data for climate risk mitigation and cost and technical difficulty are slowing adoption of climate risk mitigations. These problems are exacerbated because the technology they need is deficient or non-existent. The most popular climate risk strategy is lowering energy consumption and increasing efficiency. Budgets for climate risk mitigation are likely to rise over the coming years.

Last but not least, TIC member companies are trusted to provide third-party verification and about three-quarters of the sample have scheduled additional inspection at their production sites to improve climate risk mitigation.

TIC Council will make use of this data in order to raise awareness of this important issue as well as to support the relevant stakeholders in preparing for the challenges of climate change.

 

About the TIC Council

The TIC Council is an international association representing over 90 international independent third-party testing, inspection, certification and verification organisations. The industry represents around a million employees across the world with annual sales of approximately USD 200 billion.

 

Media enquiries:

Laura Martin

Communications Manager

TIC Council

lmartin@tic-council.org

T: +32 2 274 07 12 
M: +32 486 07 76 27