More than a fifth (22%) of global business leaders believe that energy transition risk is the top environmental concern, according to a report published today by Beazley.

The concern is greatest amongst businesses in the UK, with 27% of boardroom leaders identifying energy transition as the number one risk.

Beazley's Risk and Resilience Series Spotlight On: Environmental Risks is based on a survey of 2,000 senior business leaders across the US, UK, Canada and Singapore.

The US, with its greater onshore energy resources, is less concerned with transition risk, instead greenhouse gas emissions and the costs associated with reporting on them, are the greatest environmental concern for a quarter of business leaders there.

Bob Quane, chief underwriting officer at Beazley, said: “The energy transition, undoubtedly linked to the Russian invasion of Ukraine, has become the key area of concern globally. For business leaders facing this immediate crisis, it is unsurprising that the focus is on mitigating the short-term impacts rather than focusing on the steps they need to take to adapt for the long-term.

"However, the current low levels of resilience that many business leaders feel in the face of climate change, coupled with the reality of the effects we have seen over the past 12 months, means a change of mindset is urgently needed.”

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