Colombian firms fear rising costs due to climate change

Nearly four fifths of Colombian companies fear that the effects of climate change will increase associated costs for their businesses, and two thirds of them say that the phenomenon has already affected them, according to a survey commissioned by national planning department DNP.

Of 151 businesses surveyed surveyed, 78% said that that climate change could trigger a 5-20% hike in their associated costs, as more than 80%of business leaders are considering environmental impacts, access to and efficient use of water, and access to and efficient use of energy in their strategies.

"This makes it clear that companies in Colombia are starting to better understand the impact of environmental issues and climate change on their value chains and competitiveness," said Hernando José Gómez, director of the green growth mission of the DNP.

Of the firms consulted, 62% operate in the services or industrial sector and 49% are considered to be large companies.​

Some 92.7% of the company executives said that their businesses have implemented recycling and solid waste management programs over the last five years, while 77.5% state they have reduced water usage and 53.6% claim to have reduced greenhouse gas emissions.

Meanwhile, of the companies polled, 66.2% say that climate change has already affected their business in the last five years, particularly due to the El Niño and La Niña weather phenomena.