European firms 'failing to address climate change risks'

29 June 2010

Businesses in Europe are not addressing an estimated €1.2 trillion (£973 billion) worth of risks related to climate change, a report has claimed.

According to the study by investment research specialist EIRIS, leading companies in the region are facing serious threats from the environment and should address issues they are exposed to before they have an impact in the medium or long term.

"Climate change has the potential to seriously impact shareholder value," the company said, with its Executive Director, Peter Webster, adding: "It's important that investors focus on the bigger picture and consider both indirect and direct emissions."

The research examined the activities of 300 organizations on the FTSE Eurofirst Index and found that 41 per cent had experienced the ramifications of global warming, with variations in corporate responses to the issue between countries.

In the UK, Chancellor George Osborne announced plans in his emergency Budget on June 22nd for the creation of a new Green Investment Bank that will help to support projects that address issues relating to climate change.

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