Extreme weather is hurting profits

Majority of businesses surveyed say their earnings last year were affected by fires, flooding, heat

- IAN BICKIS

It really just speaks to the importance of companies being nimble.

A new survey of business leaders finds the vast majority are concerned climate change will hit their operations this year while more than half report it already has affected profits.

The survey of 350 business owners and executives by KPMG in Canada found 92 per cent fear their company will feel the impacts of extreme weather, including 67 per cent being either extremely or very concerned.

"This has obviously become very real world for Canadian businesses," said Roopa Davé, KPMG's Canadian climate risk leader.

The survey released Wednesday found 56 per cent had seen profits affected last year by extreme weather events made more likely by climate change, whether it was forest fires, flooding or extreme heat.