Executive summary Estimates suggest that, if left unaddressed, climate change could result in 14.5 million excess deaths by 2050,2 concentrated in the most disadvantaged regions and populations globally. In these regions, deaths from extreme weather events have been 15 times higher over the past decade.3 Climate-health impacts also threaten business resilience. Today, less than 5% of global adaptation funding targets health protection4 – a dangerous gap that also presents an opportunity for private- sector action. This report defines a Climate and Health Business Framework and applies it to four highly exposed sectors to identify specific climate-health risks and opportunities for each. –Food and agriculture: By 2050, an estimated 24 million additional people will face hunger.5 Agricultural workers are expected to face growing climate-health risks. This report estimates a likely, mid-range scenario of $740 billion in worker availability losses between 2025 and 2050. Businesses that invest in resilient and precision agriculture practices and modified working practices will be best positioned to meet growing global needs for consistently available, healthy foods. –Built environment: Over half the world’s population live in urban areas,6 and most buildings and infrastructure are poorly adapted for climate extremes such as heat or air pollution. Construction workers are particularly vulnerable; this report projects a likely, mid-range scenario that the industry will lose at least $570 billion due to worker availability losses between 2025 and 2050. Climate-resilient design and retrofits have the potential to safeguard communities and yield economic benefits. –Health and healthcare: The health and healthcare sector is expected to face at least $200 billion in worker availability losses in a likely, mid-range scenario from 2025 to 2050. It will also bear an additional $1.1 trillion treatment burden due to climate change by 2050,7 necessitating a shift towards preventative care. There is tremendous opportunity for companies to lead this transformation and build resilience by creating new climate-resilient medicines and robust care pathways, and improving public health engagement. –Insurance: Climate change is driving up claims in health, life and casualty coverage, with Swiss Re forecasting 0.75% excess mortality annually by 2050.8 Meanwhile, only approximately 8% of people in low-income communities are covered by health insurance.9 Insurers can support and accelerate resilience by offering innovative products, improving forecasting capabilities and incentivizing risk reduction. Taken together, worker availability losses across food and agriculture, built environment, and health and healthcare are projected to exceed $1.5 trillion between 2025 and 2050 (see Annex for methodology), underscoring the magnitude of the climate-health challenge. While institutions in each sector can act, no sector can tackle the climate-health challenge alone. Success depends on enabling coordinated action – through supportive policies, interoperable climate-health data systems and innovative financing to mobilize capital. These foundations can help ensure long-term, scalable resilience. The cost of inaction on climate-health risks is enormous, yet there are opportunities for businesses to adapt, build resilience and create economic and social value, differentiation and sustainable growth. This report calls on business leaders to act now to safeguard their operations and secure a healthier future for all.The impact of climate change on health is already significant, and will only grow in magnitude. Building Economic Resilience to the Health Impacts of Climate Change 4

Building Economic Resilience to the Health Impacts of Climate Change 2025