Thousands of CEOs say they expect prices to continue to rise in 2023, and even to increase more throughout the year, and the reason, they say, is climate change.
The majority of corporate leaders expect to see a “moderate” to “very significant” impact on costs from climate change in 2023, according to a recent survey of more than 4,400 CEOs from around the world, conducted by PwC.
In recent months, disasters caused by climate change have destroyed crops, eroded infrastructure, disrupted energy supplies, and prevented workers from working at acceptable temperatures.
Incidents like these have prompted environmentalists and economists to link climate change to inflation.
Climate change is not the primary driver of inflation today, but economists say the link will deepen as the planet continues to warm, making the link even more pronounced.
“If we ignore it and don’t do anything about climate change, the cost becomes prohibitive,” Susie Kerr, chief economist at the nonprofit Environmental Defense Fund, told The Hill last year. “And it will have a huge impact not only on our grocery bills, but on many other aspects of our normal lives.”
At the corporate level, only CEOs who feel directly exposed to climate change are likely to take steps to address it, according to the PwC survey.