In order to assess how business perception of and engagement with climate change has evolved over recent years, the Stockholm Environment Institute and Combat Climate Change (3C) have produced this report featuring comparative analysis of quantitative and qualitative data from 2007 and 2012 (the period 3C have been active). The study is based on a 2007 survey of 3C members, and a follow-up survey which, due to difficulties in attaining an adequate sample size, was supplemented with a review of corporate social responsibility (CSR) reports by Global 500 companies, a literature review, and interviews with representatives of selected companies. Of the 21 companies in the follow-up survey, 17 responded that climate change was as important (10), or more important (7), than it was in 2007. Meanwhile, a qualitative review of 2006 and 2011 CSR reports concluded that 62% prioritised climate change roughly as much as before, with 29% considering it a greater priority now. Notably, a 2012 survey of major corporations by the Carbon Disclosure Project showed a 10% increase in just one year in companies integrating climate into business strategies, a rise attributed to highly-publicised extreme-weather events and subsequent disruptions to business operations (particularly supply-chains). The report discusses the drivers of business engagement: the need for clear policy; reliable and effective carbon-trading mechanisms; and increasing investor pressure. Further topics discussed include business activities and perceptions to climate science, revealing a mixed picture of progress and barriers, and acceptance and continued scepticism respectively. Two case studies illustrate the need for adaptation: a review of the impacts of storms and drought on business in the U.S., which are estimated cost 67% of the total $160 billion of global natural disaster-related losses in 2012; and the 2011 Bangkok floods, which saw notable supply line disruptions to major Asian multinationals in particular.