Monday 16 February 2015 8:43 pm

Asda fears £370m is at risk if it ignores climate change

Asda bosses today urged companies to prepare for the effects of climate change, warning that it can see at least £370m of value at risk across its business.“Only five per cent of our fresh produce supply chain is not at risk from climate change impacts,” said Chris Brown from the supermarket.“For businesses, the events such as droughts and flooding reduce the resilience of supply chains and risk potential losses from commodity price hikes that follow sudden drops in agricultural production.”Brown was speaking as part of a scheme at the University of Cambridge Institute for Sustainability Leadership to encourage businesses to assess the costs and benefits of taking action on climate change, rather than relying on governments to regulate their behaviour.Its wider report argues that relatively small outlays in areas like water conservation and soil care will make commercial sense for major firms.