A new report has highlighted the importance of environmental risks to business and ways in which organisations can better protect their bottom line using new data-driven technology.
Commissioned by clean tech company Envirosuite (ASX:EVS) the report authored by Frost & Sullivan revealed that half of businesses in a survey have experienced dramatic or significant impact from environmental factors over the past three years.
One example given in the report was in South Korea, where the government forced the temporary closure of the country’s coal-fired power plants in the 2019 winter because of the risk of air pollution in major cities.
The report said around $US44 trillion ($59.7 trillion) of economic value generation, equivalent to half the world’s gross domestic product – is moderately or highly dependent on nature.
For the first time, environmental risk factors dominated the list of top five long-term global business risks in the World Economic Forum’s