While it is tempting to ignore the intangible consequences of climate change with regard to day-to-day business in the chemical industry, climate events like Hurricane Harvey in 2017, or the Rhine droughts of 2018, have shown significant short-term impact. It is wishful thinking that such events were improbable and isolated, as climate research shows that they will only grow more frequent as global temperatures continue to rise. Disruption to chemical production and distribution will, in turn, be made worse by an increase in climate-related extreme weather events, sea-level rise, temperature change, and drought over the next 50 years. Companies in the industry should be evaluating how their business will be impacted and prepare adaptation strategies to mitigate risk in both the short and long term. The current report assesses the industry's exposure to climate threats based on geographic location, production processes employed, and supply chain factors and offers solutions for companies to build resilience and maintain a long-term competitive advantage.
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