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Major utilities are relocating substations to escape rising waters and wildfires. Manufacturers are establishing redundant production lines to guard against storms that could idle their plants. And a top investment bank is stress-testing portfolios to see if they would survive a warming climate’s wrath.
The moves illustrate how companies are changing the way they do business to cope with increasingly frequent episodes of extreme weather, such as the heat wave that broiled much of the United States this month. The global average temperature on Monday made it the hottest day on record, breaking a planetary mark established just one day earlier, according to Copernicus Climate Change Service, the European Union’s climate monitor.
Executives are grappling with a range of climate-related threats to the bottom line, including droughts in Mexico and the Panama Canal, forecasts of an unusually active hurricane season, and record-setting heat from Sacramento to D.C.
