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June 12, 2019 | Report
How are companies preparing for a future of more varied, more intense, and more frequent disasters?
Many are investing more in disaster preparedness. Some have aligned their disaster philanthropy strategy with their overall corporate sustainability strategies, identifying the link between climate change and intensifying disasters. Still others have outlined the risk of disasters to their supply chains and are supporting small businesses in vulnerable areas to prepare for disasters. Whatever the approach, companies are actively thinking of the best ways to get out in front of their response to the inevitability of future disasters, both natural and man-made.
Disasters are becoming more intense, more frequent, and more varied than before, primarily due to climate change. A survey of members of The Conference Board Corporate Citizenship and Philanthropy Institute Councils, as well as discussions from a joint meeting of the Councils devoted to disaster philanthropy, has found that companies need to be prepared for a range of future disasters, which means being more active in every stage of disaster philanthropy, particularly preparation to help build resilient communities, systems, and infrastructure.
Though companies feel they’re responding well to disasters, they are nevertheless changing their disaster response practices to deal more effectively with multiple disasters in a short period, such as investing more in disaster preparedness. The intense 2017 disaster season, as well as hugely impactful events in 2018 and 2019, put corporate disaster response practices to the test, but most companies expressed a general satisfaction with their decision-making processes and ability to deploy resources. Nonetheless, companies are acutely aware of the likelihood that frequent disasters will become the norm, due primarily to climate change.
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