More than half of small and medium firms affected by extreme weather: KPMG in Canada

TORONTO — KPMG in Canada says almost 60 per cent of small- and medium-sized businesses across the country have been affected by extreme weather events this year.

The firm’s survey shows more than half of respondents saw their costs rise significantly as a result, while 44 per cent saw a direct hit to their revenue.

KPMG says businesses in regions that experienced a high level of extreme weather were hit harder.

For example, in Ontario outside of the Greater Toronto Area, almost 80 per cent of respondents were directly affected by extreme weather.

The firm says that businesses need to make climate risk a priority amid changing weather patterns. 

This year so far has seen record-breaking fires in British Columbia and the Northwest Territories, as well as storms, floods and extreme heat in many parts of the country. 

“The wildfires this past summer and weather-related tragedies the world over, have intensified climate concerns among Canadian business leaders,” Doron Telem, national ESG leader at KPMG in Canada, said in a press release on Tuesday. 

“To address the new reality, companies need to have business-interruption plans at the ready and will also require stronger, more robust climate resiliency and adaptation plans.”

This report by The Canadian Press was first published Oct. 17, 2023.

The Canadian Press