According to the results of the EY Future Consumer Index Survey, Canadian consumption habits are being drastically impacted by the effects of climate change and climate change concerns. More and more Canadians are adapting their consumption behaviours and seeking sustainable alternatives as people become increasingly concerned about climate change. 84% of Canadians are adapting how they live and what they consume based on their concerns about climate change. 38% of consumers are buying less in an effort to help the environment and reduce the level of waste. The study found that nearly one-third of Canadians have changed their grocery list as a result of climate change due to the impacts on the price of goods and limited availability.  

In the report, EY provided imperatives for society to consider:

• Change the way you do business
  Companies planning for climate mitigation are doing so to prevent a future catastrophe, but change is happening now and it will impact the way you do business. From supply chain disruption to worker safety, the failure to take measures to adapt your business to the reality of climate change will cost more if you don’t invest now. Simply put, invest now or invest more later.
• Change what you sell
  Consumers are increasingly looking for products and services that can help them adapt to the changes they are seeing, from smaller things like sunscreen to bigger spending like flood and storm protection. Companies will need to think about which products will become more, or less, relevant as our environment changes.
• Adapt while you mitigate
  You can’t choose between adaption and mitigation but must manage both at the same time. Adapting for climate change while not seeking to mitigate it will only drive more need for adaptation and accelerate the pace of change. Companies must balance action to slow, or reverse, the pace of change alongside adapting to the impact of climate change.
• Be bold — look beyond tomorrow
  Playing it safe will not create long-term sustainable value. Companies that don’t make longer-term plans will be doing too little too late when the time for action becomes acute. But almost half (49%) of consumer products CEOs (from the July EY CEO Outlook Pulse) plan to optimize key parts of their business and operating model instead of implementing fundamental changes. Adapting to climate change will require leaders to pursue new ways of creating products and services to deliver value for consumers, stakeholders and investors.