Scripps News reported on the recent survey conducted by Small Business for America’s Future regarding the potential economic costs climate events like floods, fires, and extreme heat could have on their members’ bottom lines.
The reporters spoke to Shaundell Newsome, co-chair of Small Business for America’s Future, about the survey results, which include:
- A vast majority of small business owners say climate events could negatively impact their business – and half say they already have. 84% of small business respondents believe that climate-related events could lead to increased expenses for small businesses.
- 65% believe the financial impacts could be significant.
- 80% expect increased costs from insurance; 68% foresee business interruptions and lost revenue adding to expenses; and 64% anticipate higher costs for repairing or replacing damaged property or equipment.
- Half say they already are seeing climate-related impacts and financial consequences:
- 63% of those respondents have seen increased insurance premiums
- 53% have experienced higher energy costs for cooling or heating
- 50% have experienced a business interruption and lost revenue
- Small business owners believe ESG bans could negatively impact their ability to make informed decisions about their businesses. 65% of respondents believe that bans on responsible investing considerations could negatively impact small business owners’ ability to make informed decisions.
- 54% believe that having more information about climate-related financial risks leads to more informed investment decisions.
- 61% believe this information would help them make better supply chain decisions about potential business partners and suppliers.
To see the full results of the survey, click here. To watch the full segment, click here.
