Abstract
In recent years, a sharp rise in the frequency and intensity of climate-related hazards is observed worldwide. This increases the vulnerability of businesses to climate-related hazards, which in turn adversely affects the economic and sustainable development of the companies. The aim of this paper is to propose an approach for vulnerability analysis of businesses to climate-related hazards. It is assumed that the level of vulnerability for each business depends on the levels of the potential impact of the specific climate-related hazards in the given geographical region. The potential impact depends on the levels of a business’s sensitivity and exposure to climate-related hazards. The approach consists of several steps. For each of the variables related to the vulnerability, five levels are defined (Very low, Low, Middle, High, Very high). The usefulness and peculiarities of the proposed approach for vulnerability analysis of businesses to climate-related hazards are validated with particular examples. The proposed approach for vulnerability analysis can successfully help the managers to make informed decisions about the choice of targeted measures to adapt businesses to climate change.
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