Concern about climate change among SMEs and the self-employed grows 17 percentage points in one year

Climate change moves up two positions and ahead of risks such as demographic changes and cybersecurity

Concern about climate change among SMEs and the self-employed has increased by 17 percentage points between 2022 and 2023, according to Hiscox’s SME and Self-Employed Report, which puts the current systemic risk at 32.3%, up from 15.3% in 2022. Thus, in this year’s ranking, climate change rises two positions and is placed ahead of risks such as demographic changes and cybersecurity, which drops one position respectively. Thus, 45% of SMEs and freelancers from the commercial sector are the ones who show the greatest concern about climate change, in addition to micro SMEs with between one and ten employees, as 44.3% consider that climate change will considerably affect their business. For her part, the Director of Marketing and Communication of Hiscox Spain, Carolina Morato, pointed out that SMEs, in addition to being the most vulnerable to economic fluctuations, are also the most vulnerable when facing other current risks, such as sustainability and climate change. “Although the truth is that there is still a long way to go in this area, it is expected that it will gain more weight in its business strategies, which is essential since it can undoubtedly translate into future benefits for the company,” Morato stressed.

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