The World Benchmarking Alliance’s (WBA) Urban Benchmark has found that 300 of the world’s “most influential” firms in urban areas are failing to protect residents’ health and provide affordable housing. The benchmark revealed that only 3% of the 300 companies assessed have taken action to reduce air pollution, while 75% had fail to act on issues including affordable housing, transport, and basic utilities. According to WBA, companies are failing on two fronts: reducing emissions and preparing for “disasters that could follow”. The report remarked that many companies operating in high-risk urban areas are poorly prepared for natural disasters, with 63% failing to conduct proper risk assessments and 69% not disclosing emergency plans. The increased frequency and severity of disasters driven by climate change means the gaps in preparedness leave cities and companies vulnerable. WBA encouraged companies to act urgently to reduce emissions and strengthen disaster resilience. London Stock Exchange Group’s COP29 Net Zero Atlas released earlier this week found that half of the world’s largest 49 cities will be at high risk of one or more climate hazards – such as cyclones floods, heatwaves and water stress – by 2050, an increase from just one in five today. “If [companies] fail to prioritise affordability, they risk deepening inequality in rapidly growing urban areas,” said Tony Widjarnarso, World Benchmarking Alliance’s Urban Transformation Lead. “We need urgent action, transparency, accountability and collaboration from businesses, who must work alongside policymakers to ensure that cities become more inclusive, affordable, and sustainable for all. The health of billions of people depends on it.”
📢Our 2024 Urban Benchmark is out! Findings reveal that only 3% of the 300 companies assessed have taken action to reduce air pollution, and a staggering 75% fail to address the issue of affordable housing, transport, and basic utilities.
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— World Benchmarking Alliance (@SDGBenchmarks) October 31, 2024
