Based on the hardship faced by the entire populace globally many businesses are suffering from consequences of climate change which is rapidly changing the environment.

The British International Investment’s third annual Emerging Economies Climate Report – a survey of its investee businesses in Africa, Asia and the Caribbean.

From the news gathered in Tuesday, the event hosted in partnership with the Grantham Research Institute on Climate Change and the Environment and Overseas Development Institute, flooding, droughts and extreme heat have been taking an increasing toll on businesses in emerging economies like Nigeria and others.

The climate change was already impacting their business, from 68 per cent to 79 percent in 2022.

“Businesses operating in Africa identified drought as the top physical climate risk at present, followed by flooding and extreme temperatures. This pattern remained consistent for the five-year outlook. Looking ahead to the 10-year horizon, drought and extreme temperatures became the joint top risks, followed by flooding.

“For firms operating in Asia, respondents listed flooding as the top physical risk currently. Firms operating in Asia identified extreme temperature as the second-top physical climate risk at present,” the report stated.