Record-breaking global temperatures, particularly the ongoing scorching summer of 2024, have transformed climate change from an environmental challenge into a full-blown business crisis. Global temperatures have remained at the highest levels ever recorded for at least 13 consecutive months since June 2023. July 2024 saw the hottest day globally since 1850, with record or near-record temperatures on every continent (1, 2).
Daily global-average surface air temperatures for 2024 (red) and 2023 (orange), compared to historical averages (grey) from 1940 to 2022. Data: ERA5. Courtesy: Copernicus Climate Change Service /ECMWF.
Numerous countries set new national temperature records, including Death Valley and Las Vegas (1). Europe got slammed with brutal heat waves, leading to deaths and public health crises, while wildfires burned across North America. The heat was felt in Asia, South America, and even Antarctica, fuelling the global temperature spike (2).
Southern Europe's tourism industry felt the brunt of the summer's heat. Businesses had to close or limit services due to scorching temperatures and skyrocketing energy costs (3). Blackouts from strained infrastructure made things even worse. Wildfires, fed by the heat, added to the chaos (3).
Rising temperatures can cause transportation delays. 12% of all food produced is lost due to a lack of cooling, which directly affects the supply chain (4). The global cooling equipment capacity is expected to nearly triple by 2050 to meet the increased demand (4).
Extreme heat has severe health impacts, with heat-related deaths rising annually. Prolonged high temperatures can cut worker productivity and increase absences. By 2030, heat stress could cost 80 million full-time jobs globally, hammering productivity (4).
Major sports events like the Olympics are increasingly vulnerable to extreme heat. The 2024 Paris Olympics showed the challenges of hosting in a warming climate. As global temperatures continue to escalate, prospective Olympic host cities may confront even more severe heat-related concerns, potentially rendering them unsuitable as venues due to the risk of exceeding safe heat thresholds (5).
To mitigate the risks posed by heatwaves, businesses must invest in climate resilience. This includes developing strategies to reduce heat stress, improve energy efficiency, and ensure business continuity during extreme heat events. By proactively addressing these challenges, businesses can protect their operations, safeguard their employees, and thrive in a warming world.
refinq: Your Extreme heat Solution
refinq offers a specialized climate risk assessment solution tailored to the escalating threats of heat stress and heatwaves. By combining hyperlocal data and advanced modeling, we provide actionable insights to help businesses mitigate risks and ensure operational continuity.
Heat Stress Risk Assessment: Our analysis identifies areas vulnerable to extreme heat, allowing you to proactively protect your workforce and operations.
Adaptation Planning: Our tailored recommendations help you implement measures to reduce heat stress, improve energy efficiency, and ensure business continuity during extreme heat events.
Future-Proofing Your Business: Leverage our cutting-edge climate projections to anticipate future heatwave trends and adapt your operations accordingly.
Data-Driven Decision Making: Our assessments rely on trusted scientific data sources, including Copernicus, World Bank, and IPCC CMIP6, providing reliable and actionable insights.
Stay Informed. Stay Prepared. Stay Resilient with refinq.
Stay Informed. Stay Prepared. Stay Resilient with refinq.
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