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LONDON There are a range of best practices companies can adopt in a bid to prepare themselves for the impact of climate change, according to Gary Guzy, senior vice president and national practice leader for emerging environmental risk, at Marsh Inc., and former general counsel to former President Bill Clinton.
"Companies need to fully understand the risk profiles around their clients," Mr. Guzy told Business Insurance Europe.
"And they can do this by assessing the facilities, the supply chains, the materials and the products. They need to build the climate risk adjusted cost of capital into their plan."
Mr. Guzy also said that businesses need to work out how they can manage the risks inherent in climate disruption, and give their stakeholders more full and accurate reporting on these dangers.
"As businesses evaluate their carbon emissions and reductions and offsets, they can develop their risk management strategies around those," he said.