Climate change continues to be the leading global challenge, with 2023 marking a significant milestone as the global average temperature reached nearly 1.5°C above pre-industrial levels.

Corporate risk managers can facilitate climate adaptation through a dynamic approach that includes setting resilience goals, mapping risks, and selecting appropriate adaptation measures.

As temperatures in the Mediterranean have risen significantly, certain fruit varieties, like apricots and olives, will need to move northward in search of suitable climates.

Dynamic spatial integrated assessment models are emerging to better evaluate the economic impacts of climate change, incorporating socio-economic risks such as migration and infrastructure impacts.

A lack of financial investment is identified as the main obstacle to advancing climate risk management efforts, with many organizations struggling to establish a clear business case for adaptation.

The Mediterranean region is experiencing increased aridity, with water scarcity becoming a major concern due to rising temperatures and urbanization.

The summer of 2024 is projected to be the hottest on record, indicating rapid and significant changes in climate beyond just temperature increases.

Extreme weather events, such as heatwaves, floods, and storms, are causing significant disruptions to businesses and impacting economies, necessitating the quantification of their economic consequences.

The Marsh Corporate Adaptation Survey reveals that while 83% of companies acknowledge climate-related physical risks, nearly half only assess these risks qualitatively, highlighting significant gaps in quantifying current and future impacts.

Businesses are increasingly recognizing the need to address climate-related risks within their risk management strategies, yet there is still ample opportunity for improvement in managing these climate risks.

There is a pressing need for proactive adaptation strategies to ensure agricultural sustainability, especially as certain fruit varieties will need to adapt to new growing conditions due to climate change.

Recent production disruptions due to heatwaves have highlighted that many farmers remain unprepared for the impacts of climate change, underscoring the need for improved adaptation measures.