The growing frequency and intensity of natural disasters pose significant physical and economic risks to companies and communities. Addressing these challenges head-on, Chuck Chaitovitz, Vice President for Environmental Affairs and Sustainability at the U.S. Chamber of Commerce, joined colleagues from Electrolux and CARE to highlight these issues during the Economist Impact’s Fifth Annual Sustainability Week U.S. event. His message was clear: investing in disaster resilience and preparedness is not just a necessity but a smart economic and public policy strategy.
By the numbers: Chaitovitz highlighted findings from "The Preparedness Payoff," a report developed by the U.S. Chamber, Allstate, and the U.S. Chamber Foundation.
- The report reveals that every $1 invested in resilience and disaster preparation results in $13 in reduced losses and economic savings. This return on investment underscores the critical importance of proactive measures in mitigating the impacts of disasters.
Why it matters: As disasters worsen, risks escalate. Chaitovitz emphasized that while investments in resilience will not eliminate losses, they will enable economies and people to recover more quickly. This rapid recovery is crucial for supporting economic growth and ensuring that disasters do not become insurmountable barriers to progress.
Be smart: Chaitovitz' presentation also touched on the need for smart, modern, resilient infrastructure.
- He pointed out that economic growth correlates directly with wealth creation for Americans.
- To support such growth, more policies and tools that facilitate the development of smart, modern, resilient infrastructure are needed.
- This includes adopting policy solutions that promote resilience and predisaster mitigation, as outlined in a recent coalition letter to Congress and a supporting blog post.
What’s next: The U.S. Chamber of Commerce, together with abroad coalition of stakeholders, is committed to advancing policies that support disaster resilience. Chaitovitz underscored the importance of collaboration between the public and private sectors to build infrastructure that can withstand the increasing threats posed by natural disasters. By investing in resilience, communities can not only protect lives and property but also ensure long-term economic growth.
The bottom line: Chaitovitz's appearance at Economist Impact’s Sustainability Week US served as a reminder of the urgent need to invest in disaster resilience. The economic benefits are clear, and the stakes are high. As we face an era of increasing environmental challenges, proactive investments in resilience and preparedness will help safeguard our communities and ensure a prosperous future for all.
