Climate change has been identified as a major threat to business in the next 10 years, according to a survey on emerging risks conducted by Business Continuity Expo 2008 and sponsored by Marsh, an insurance broker and risk adviser.

The survey found that 87% of businesses see climate change as the single biggest threat in terms of risk assessment and the effect it could have on their businesses future growth. However, the survey also found that many businesses are unsure what to do to prepare themselves.

Climate change was found to be a greater threat to the continuity and long-term success of business than terrorism, pandemic flu, flooding, the credit crunch, government red-tape, and outsourcing and offshoring. The survey was conducted among 150 major UK and European companies.

Martin Caddick, leader of Marsh’s Business Continuity Management team, says: "Climate change and energy risk consistently rank among the biggest challenges facing global businesses in 2008. While the majority of firms surveyed have accurately identified the major risks that could affect their businesses, fewer seem to be successful in tackling them head on. This lack of preparedness continues to be a major issue for European firms in today’s turbulent times.