Firms climate change risks 40 bn euros

(ANSA) - Madrid, December 11 - Italian firms have estimated climate change risks to their activities as costing over 40 billion euros, the environmental investigative non-profit group CDP said Wednesday.
    But less than one firm in five, the CDP said, is making sufficient investments to face those risks.
    Some 76% of Italian cities see risks linked to climate change, the report said.
    But only one out of four has already completed a risk assessment and analysis of the vulnerabilities, the CDP said.
    Only 12%, it said, has already approved a plan of adaptation.
    The CDP Italy Report, presented at the COP25 in Madrid in the presence of Environment Minister Sergio Costa, analyses 45 Italian firms, among the largest and with the most environmental impact.
    It also looks at 34 Italian cities and regions that make up over a third of the population in Italy.
    The risks most highlighted by the cities are strong precipitation, waves of heat and cold, and floods.
    Venice, Roma and Parma have thr highest risk indicator.
    As for the firms, some 37 of the estimated 40 billion is linked to risks of transformation of the business, as regulatory changes and market changes, the report said.
    Another seven billion euro of potential financial impact hae been identified as the result of risks of a physical nature, including exteme weather events such as droughts and floods which affect business activities.