Thursday, January 28, 2010

Report suggests mining companies are failing to fully recognise risks posed by inevitable climate change

PR Newswire: According to an Acclimatise report, backed by IBM, over 80% of global mining companies surveyed claim their physical assets would be affected by extreme weather events, yet only 13% report taking action to protect their assets that are critical to business success, attracting financial investment and the safety of employees.

The report findings highlight the critical choices mining companies now face to help prepare their business for anticipated additional costs and challenges created by a changing climate. The challenges facing mining enterprises today are pushing leaders to adapt the traditional ways of thinking about their business to discover and explore new practices that will improve the business of mining.

Without building adaptation measures into their business plans, climatic risks could impact upon a company's financial and operational performance, potentially increasing operational and capital expenditure. This is particularly true for mining companies where long term investment decisions have to be made. However only 3% of companies surveyed provided evidence that they mainstream adaptation into decision making, highlighting the need for more mining companies to consider action.

…"The mining industry has been an essential contributor to society and the economy for many years and has continually adapted successfully to changes. IBM believes this rate of change is increasing and many within the industry realise that the modern miner will need to work differently and work smarter to succeed," said David Carter, Mining Industry Lead, Growth Markets, IBM Global Business Services. "Increasingly companies need to think about the potential impacts from inevitable climate change resulting from past greenhouse gas emissions. Whether this takes the form of adapting to reduce risks, complying with regulations aimed at increasing energy efficiency or reducing greenhouse gas emissions."….

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