Accelerating Business Action on Climate Change Adaptation

With the impacts of climate change becoming more frequent and intense, the need to manage these risks and understand the opportunities for collaboration has never been more important.

In this joint report with the World Economic Forum, we examine the risks and opportunities associated with the impacts of climate change, and present a framework that businesses can use to develop their approach to climate adaptation.

While mitigation — the reduction or prevention of greenhouse gas emissions — has been a key focus for businesses in addressing climate change, planning for climate adaptation — efforts to reduce the negative impacts of climate change and leverage the opportunities — remains a challenge for many.

Climate change adaptation is a business imperative to avoid economic losses resulting from climate change; to innovate new ways to create revenue growth, cost savings and sustainability; and to protect local communities and ecosystems where companies operate.

To address these considerations, business should focus on three pillars to drive their climate adaptation strategy:

Enhance resilience: Assess the impacts of climate risks on business and act to adapt and build resilience, especially by working with suppliers and communities connected to the value chain to enhance business resilience.
Capitalise on opportunities: Leverage products, services and business models that help businesses, communities and ecosystems adapt and build resilience while also pursuing adaptation opportunities that contribute to efficiency, sustainability and climate change mitigation.
Shape collaborative outcomes: Participate in multi-stakeholder efforts that promote action on climate change adaptation and deliver transformative projects to build community and ecosystem resilience.

Learn more about this framework and the enabling actions businesses can take to enact climate adaptation strategies by reading our report below.