CEOs Brace for Climatic Impact: Rising Costs in 2023 Blamed on Climate Change
CEOs foresee climate change intensifying high prices in 2023; PwC survey reveals growing concern among 4,400 global leaders.
Image by Anna Nekrashevich
Thousands of CEOs are bracing for 2023's high prices to surge further due to one major factor: climate change. A recent survey of over 4,400 global company leaders by PwC reveals that a majority of them expect a "moderate" to "very large" impact on costs attributed to climate change in the coming year. The link between climate change and inflation has become more apparent as climate-fueled disasters devastate crops, infrastructure, and energy supplies, while record heat disrupts work. While climate change isn't the primary driver of current inflation, its impact is expected to deepen with continued warming, affecting various aspects of everyday life. CEOs directly exposed to climate change are more likely to address the issue, but this approach poses risks. Solving climate change requires broader involvement, yet many corporate decarbonization efforts have faced challenges. Some efforts have been criticized for "greenwashing," overstating environmental commitments. Companies are now seeking ways to make environmental impacts beneficial to their bottom line, finding innovative approaches to reduce waste and boost efficiency.
