Defining the private sector’s role in the adaptation challenge

13 June 2024, 11:00 - 13:00

Physical climate risks, such as extreme weather events, increasing temperatures and sea level rise, pose significant risks to human populations, plants and animal species and the environment. There is an inevitable need for climate adaptation even under a 1.5°C scenario, especially for more vulnerable areas. Adapting to the impacts of climate change already seen across the world requires widespread mobilisation to protect human safety and ecological health. As vulnerable groups face disproportionate impacts of climate change around the world, so do those populations bear the greatest challenges of adaptation. According to the IPCC, adaptation planning is outpacing implementation of adaptation solutions, leaving a gap in adaptation action by the private and public sectors. To address the adaptation accountability gap, companies have an important role to play. Standards and initiatives have been developed to support company action on adaptation. Articulating this role will drive corporate accountability, will help close the Adaptation finance gap and improve the resilience of companies and communities.

Starting with a presentation of the ACT Adaptation Methodology, this session will set the scene of what company action on adaptation is currently defined as; the assessment of physical climate risks. The ACT Adaptation Methodology outlines the expectation that companies assess their exposure and vulnerability to risks regarding their production and operations, energy and telecommunication systems and demand and sales, among other risk dimensions. We will offer a platform to civil society, business, policy makers and research bodies to share their key learnings. In addition, we will have a selection of companies share their understanding of their role and the challenges they currently face in the lead up to 2030.