Australian CEOs see climate change as major threat to business

An annual survey of Australian chief executives has shown that climate change is being increasingly viewed as a major threat to business.

Global accounting firm PwC’s surveyed 1,600 CEOs around the world – including 117 Australians – and found that 65% of Australian bosses said climate change was a major threat, up from 60% last year and 43% a decade ago.

The survey was conducted back in September and October, before the onset of the recent bushfire crisis across several regions of Australia. In total, economists believe the blazes will take off 0.2% percentage points from Australia’s GDP growth.

“The fact that it’s actually now in the top 10 of our CEO survey, not only in Australia but in many other markets, says this is something that’s not going away and it’s a genuine threat to our economy and our communities,” said PwC Australia’s head of energy, utilities and resources, Mark Coughlin.

PwC’s survey also found that just 12% of Australian chief executives think government and business are working together effectively to deal with climate change risks, a figure that has barely moved in five years.