Sometime within the past two years, a tipping point was reached on climate change. It is now fair to say that even in the business community and Washington, a consensus has emerged that climate change is affecting a wide range of industry sectors. But when it comes to the real-world effects of climate change on business, little else seems to be. Unless executives and risk managers understand where their companies fall on this axis of winners and losers, they will be hard-pressed to deal with a climate change future properly. The global effects of climate change will be overwhelmingly negative for society as a whole, and all high-level efforts of both government and enterprise should be focused on halting climate change. As society begins to deal with the risks and realities of a climate change future, however, each organization must begin the process of adaptation. And, in many instances, this represents opportunity.