Experts urge businesses to recognize physical climate risks for enhanced sustainability, resilience

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Experts urge businesses to recognize physical climate risks for enhanced sustainability, resilience

PASIG CITY – After a three-year hiatus due to the pandemic, the Oscar M. Lopez Center reignited the conversation on climate change with its 3rd OML Legacy Lectures. This year’s theme, “Rising: The Future of Business and Climate,” centered on the imperative for businesses to know their physical climate risks to ensure organizational sustainability and resilience.

Held on September 21, the lecture series was streamed on both Zoom and Facebook Live, attracting over 160 stakeholders representing the private sector, particularly micro, small, and medium enterprises (MSMEs), national government agencies, local government units, and the academe from all over the Philippines.

In his keynote lecture, James McMahon, CEO and Founder of The Climate Service, stressed that aside from knowing climate hazards affecting business operations, understanding asset vulnerability to, and financial impacts of hazards, is also crucial. This will enable businesses to develop proactive strategies that can reduce risks and protect business interests. 

The Climate Service’s analytics software does this by providing financial information to help investors and managers integrate climate-related risks into their corporate decisions.

Fellow speaker Felix Ayque, CEO of Komunidad, emphasized the importance of foundational data awareness to help communities adapt to climate change risks. Ayque’s Komunidad offers specialized weather and environmental intelligence. Both businesses and local governments can leverage their analytical tools for real-time monitoring of climate risks using localized climate data and early warning systems.

Post-lectures, participants joined breakout rooms for the Knowledge Exchange session. They shared insights on climate challenges in their respective sectors and discussed best practices to address them. These discussions were facilitated by representatives from the OML Center, National Resilience Council, and ARISE Philippines.

Concluding the event, Vice Admiral Alexander Pama, OML Center Trustee and Global ARISE Network Board Director, highlighted the pivotal role of the private sector in advancing resilience. He emphasized the essence of understanding and managing climate risks and harnessing cutting-edge climate science for strategic corporate planning to ensure sustainable futures.

For those who missed the session, the replay of the 3rd Legacy Lectures can be accessed on the OML Center’s Facebook page:

Cuts of the presentation and Open Forum are also available on the YouTube channel of the Center: 

The OML Legacy Lectures commemorate the environmental stewardship of Oscar M. Lopez, Chairman Emeritus of the Lopez Group of Companies, and the inspiration behind the OML Center’s name.