Climate change is a real and present danger that threatens to disrupt water supplies and supply chains of companies as diverse as Coca-Cola and ExxonMobil. It also causes rising sea level and extreme bad weather. Many CEOs understand they have to join the fight to help solve climate change as it is affecting their businesses. Some CEOs are holding back until they have more certainty about what governments will do. At the World Economic Forum this week, World Bank President Jim Yong Kim called on government leaders to break out of the business as usual mentality and provide a platform that will lead to results. This is to be done by regulating companies and putting a price on carbon. President Kim also talked about investing and promoting green energy that supports climate adaptations.
Kim resoundingly stated "this is the year to take action on climate change. There are no excuses.” The lives of many, especially the poor, are in danger if we do not take necessary steps to resolve climate change. The costs of failing to act on climate change are staggering. Losses related to weather damage have been increasing since the 1980s. In poor countries, climate changes affect development and growth. In the case of a disaster, recovering is difficult and the lives of millions can be pushed into poverty for a life time as we’ve seen in places such as Haiti following the massive earthquake there in 2010.