When the Philippines sent its delegation to the United Nations Climate Change Conference (COP26) in Scotland last year, the 19-person team was headed by the Secretary of Finance. It was the first time that the country's top fiscal manager attended the annual UN climate conference, no doubt to underscore the importance of acting on climate change and the need to lead from the very top to effect meaningful change. In the private sector, however, it looks like there is still some hesitation in boardrooms to fully own the climate crisis.

During the fourth quarter of 2021, Deloitte conducted a survey of more than 350 board audit committee members in 40 countries. While they are the leaders responsible for managing and responding to risks and opportunities, many of the respondents had yet to sufficiently lodge climate change initiatives at the core of their agendas. Nearly 60 percent said they didn't regularly discuss climate change during meetings, and nearly half acknowledged that they lacked basic literacy in climate issues needed to make informed decisions.

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