You Are More Vulnerable To Climate Change Than You Think
Gulf Business|May 2018

Gus Schellekens, MENA climate change and sustainability services leader at EY, explains how climate change could affect your business now and in the future

 

DO YOU KNOW how much money your business has already lost due to climate change? For most businesses in the Middle East and North Africa, the answer is no.

Smart businesses know that increasing temperatures, extreme weather and rising sea levels are already affecting everything from their energy and water costs to office architecture, supply chain risk, insurance premiums, and staff safety.

Yet too few businesses in the Gulf are thinking so strategically about climate change. Whether this is due to cost aversion, ignorance or complacency, it is a myopia that risks not just profits but potentially their existence. From increasing water bills to the threat of shock events like the flash floods recently hitting Oman and the rising sea levels that threaten expensive coastal infrastructure, the Gulf is already at a climatic extreme. The only question now is when and how much?

Many regional players have offices and people in overseas climate-stressed areas, such as SABIC, a global leader in diversified chemicals, whose presence includes drought-ridden Cape Town, and Bengaluru. Gulf investors have also put capital to work across Africa, whose agricultural sector may bear the brunt of future climate change impacts. Consumer-facing investments could also be undermined by the economywide deterioration that would follow an agricultural crisis. For some industries, Africa's growth is already down from its earlier highs. It is not clear whether Gulf companies are really screening for and measuring the risks and costs of these overseas threats.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM GULF BUSINESSView All

Special Report: Money matters

Exploring the future of wealth management in the GCC

10+ mins read
Gulf Business
June 2021

The music world's next frontier

Here’s why you should take note of the burgeoning independent Arab music scene

3 mins read
Gulf Business
June 2021

Shattering the status quo

Georges Kern, CEO of Breitling, is swimming against the tide and gaining market share for the Swiss luxury watchmaker. Here’s what he’s doing right

6 mins read
Gulf Business
June 2021

RACING FOR HYDROGEN

How gas giants are vying to stay relevant as the industry moves towards sustainable goals

4 mins read
Gulf Business
June 2021

London calling

A Dubai homegrown concept, The Maine, led by restaurateur Joey Ghazal is going international and taking its New England brasserie concept to London’s tony Mayfair district

6 mins read
Gulf Business
June 2021

Ensuring efficient SYSTEMS

Advances in UPS design can address data centre cooling challenges, says Jake Guo, Data Centre Solutions manager at Huawei ME

2 mins read
Gulf Business
June 2021

LADDER TO THE SKIES

It’s not just the view at the top that Bal Krishen, the CEO and chairman of UAE-based Century Financial enjoys, but also the journey of reaching there. In this exclusive interview, the enterprising executive reveals his stellar professional rise, where the investment market is headed, and what the future holds

9 mins read
Gulf Business
June 2021

AN ALPINE SOJOURN

Switzerland has been the bellwether and thermometer for the health of Central European tourism. It’s beginning to climb out of one of its most challenging years ever, with Switzerland Tourism CEO Martin Nydegger bullish about a strong recovery

5 mins read
Gulf Business
June 2021

CHECKING — IN —

The region’s biggest travel and tourism event, Arabian Travel Market, held a successful in-person and virtual edition last month in Dubai. And the big question predictably was – has the industry started to recover? Are travellers stepping back on airplanes and ready to explore new destinations as the industry adapts to the Covid crisis? Aarti Nagraj has more details

10 mins read
Gulf Business
June 2021

A charging bull

Stephan Winkelmann, president and CEO of Lamborghini, has laid out an ambitious roadmap for all the cars within its fleet to be hybrid models by 2024, followed by an all-new full-electric Lambo before the end of the decade. And before you ask, the V12 combustion engine will continue to breathe

5 mins read
Gulf Business
June 2021
RELATED STORIES

WE KNOW LESS THAN WE THINK

And that’s a good thing! The greatest lesson from the pandemic is this: Possibilities are endless.

3 mins read
Entrepreneur
Startups Summer 2021

BOOK REVIEW

CHAIRMAN AT THE BOARD: RECORDING THE SOUNDTRACK OF A GENERATION, by Bill Schnee. Backbeat Books, 2021. 219pp. $24.49, hardcover; $21.49, Kindle e-book.

6 mins read
Stereophile
July 2021

A True Blessing

When a Colorado horse rescue went to pick up a new trailer, they had no idea they’d be using it that very day.

3 mins read
Horse and Rider
Summer 2021

Challenge ACCEPTED

When teenager Rebecca Kennedy decided to sign up for the Extreme Mustang Makeover, she did it because she wanted to challenge herself as a rider. But she ended up learning so much more after working with her untouched mustang.

7 mins read
Horse and Rider
Summer 2021

Equine Foster Care: Do You Have What it Takes?

Have you ever dreamed of nursing an abused or neglected horse back to health and finding him a forever home? Learn what it takes to make that dream come true.

10 mins read
Horse and Rider
Summer 2021

BEYOND THE SHOW PEN

Learn how youth can develop valuable life skills, become more self-confident, and gain educational opportunities by getting involved in the horse industry.

9 mins read
Horse and Rider
Summer 2021

HOW MANY DAYS ARE ENOUGH?

When you send your young horse off for training it can be challenging to understand how long he needs to be there. Is it 30 days, 60 days, or 90 days? Jacob Barry breaks down the basics of colt starting and what to expect within these timeframes so you can make the best training decision for you and your horse.

8 mins read
Horse and Rider
Summer 2021

Arty Crafty Heart Strings

Here's what we will learn today. We call them Heart Strings, and you can use them for Valentine's decor, a cute kids' necklace, or even a scrapbook or card decoration.

1 min read
Little Sparkles Kids Magazine
May 2021

GUEST RANCHES OF MONTANA'S FLATHEAD COUNTRY

EXPLORE MONTANA’S GORGEOUS SCENERY FROM THE BACK OF A HORSE, THEN RELAX AND BE PAMPERED AT THESE STUNNING MONTANA GUEST RANCHES.

6 mins read
Horse and Rider
Summer 2021

The Farmer And The Well

A farmer looking for a source of water for his farm bought a well from his neighbour. The neighbour was cunning, though, and refused to let the farmer take water from the well.

1 min read
Little Sparkles Kids Magazine
May 2021