[In a recent report:] “Multinational corporations and climate adaptation – Are we asking the right questions?“ [w]e sought to understand how MNCs are responding to the risks from climate change, what is driving this response and what outcomes their actions lead to...While businesses seem to have a clear understanding of mitigation, they seem less clear about the meaning of adaptation and in particular, confuse adapting to mitigation policy regarding greenhouse gas (GHG) emissions and adapting to future climate impacts. Therefore, we define adaptation by MNCs as the process of adjustment by companies to actual or expected climate and its effects through changes in business strategies, operations, practices and/or investment decisions....Internally it is driven by champions and leadership within the company, and the desire to maintain profitability, reduce costs and minimise disruption to operations in a changing climate. External factors include past experience of climate impacts and extreme weather events, regulatory and legal factors, reputational, corporate citizenship and stakeholder/investor pressure, and market drivers including the demand for new products and services...Few companies appear to be adopting a structured approach to incorporating adaptation into business strategy, activities and operations...