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Taking Stock of Business

Efforts to Adapt to

Climate Change

WHITE PAPER

DECEMBER 2023

With the Stockholm Environment

Institute and in collaboration with PwC

Images: Getty Images

reserved. No part of this publication may

be reproduced or transmitted in any form

or by any means, including photocopying

and recording, or by any information

storage and retrieval system.

Disclaimer

This document is published by the

World Economic Forum as a contribution

to a project, insight area or interaction.

The ﬁndings, interpretations and

conclusions expressed herein are a result

of a collaborative process facilitated and

endorsed by the World Economic Forum

but whose results do not necessarily

represent the views of the World Economic

Forum, nor the entirety of its Members,

Partners or other stakeholders.

Contents

Foreword 3

Executive summary 4

1 Businesses and climate change adaptation 6

1.1 The impact of extreme weather and climate variability on 6

economic losses

1.2 How governments perceive the role of businesses in adaptation 7

1.3 A business framework for climate adaptation 7

1.4 Why a business stocktake on adaptation is important 8

2 Current efforts by businesses on adaptation 9

2.1 Pillar 1: Enhance resilience 10

2.2 Pillar 2: Capitalize on opportunities 10

2.3 Pillar 3: Shape collaborative outcomes 11

2.4 Enabling measures to support core actions 11

2.5 Summary of business progress on adaptation 12

3 Understanding the drivers and barriers to business action 13

3.1 Drivers for business action on resilience 13

3.2 Barriers to business action on resilience 13

3.3 Analysis of drivers of and barriers to action 16

4 Meeting the moment: how the public sector can catalyse business action 17

on adaptation

4.1 Enhance knowledge of climate risks and opportunities 17

4.2 Make climate risk assessment and disclosures the norm 18

4.3 Foster collaborations 18

4.4 Engage in stronger public-private dialogue 20

Conclusion and next steps 21

Appendix 22

Contributors 23

Endnotes 24

Taking Stock of Business Efforts to Adapt to Climate Change 2

Foreword

The ﬁrst Global Stocktake (GST) to monitor and

evaluate the collective progress being made to

achieve the goals of the Paris Agreement takes

place at COP28. The GST represents an opportunity

for countries and stakeholders to see where and

how they are collectively making progress towards

meeting their goals – in areas such as climate

change mitigation, adaptation and ﬁnance – and

where they are not. As such it is an opportunity to

course-correct and identify gaps in delivery, as well

as ﬁnd ways to work together to agree on solutions

and chart a better course for the future.

Businesses are – and need to be – integral to

society’s efforts to respond and adapt to climate

change. So it is critically important that their

contributions to the climate change adaptation

agenda are fully captured. To support and

complement the GST process, the World Economic

Forum and Stockholm Environment Institute (SEI),

with the support of PwC, have collaborated to take

stock of business action on adaptation. This paper

describes the actions that large global businesses

are taking on adaptation, what is driving these

actions and the barriers they face to doing more.

It was developed via a survey of 30 Forbes 2000

businesses, complemented by in-depth follow-up

interviews and discussions with the wider World

Economic Forum climate adaptation community.

Our research ﬁnds that businesses are doing more for

adaptation than is acknowledged, but also less than

they could. The barriers companies face to doing

more are addressable, but this requires working in

concert with the public sector and civil society to

ensure that efforts can be scaled up and sustained.

Based on these insights, this white paper provides

speciﬁc recommendations for action. As the

report was developed to support the COP28

process, these recommendations seek to engage

governments and the international community as

well as businesses. The World Economic Forum

will work together with all stakeholders on these

recommendations to foster more public-private

dialogue and build action-orientated partnerships

that can strengthen community resilience in the face

of new climate realities.

Neo Gim Huay

Managing Director, Centre

for Nature and Climate,

World Economic Forum

Emma Cox

Global Climate Leader,

Partner, PwC

Mans Nilsson

Executive Director, Stockholm

Environment Institute

Taking Stock of Business Efforts

to Adapt to Climate Change

December 2023

Taking Stock of Business Efforts to Adapt to Climate Change 3

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WiththeStockholmEnvironmentInstituteandincollaborationwithPwCTakingStockofBusinessEffortstoAdapttoClimateChangeWHITEPAPERDECEMBER2023Images:GettyImagesContentsForeword3Executivesummary41Businessesandclimatechangeadaptation61.1Theimpactofextremeweatherandclimatevariabilityon6economiclosses1.2Howgovernmentsperceivetheroleofbusinessesinadaptation71.3Abusinessframeworkforclimateadaptation71.4Whyabusinessstocktakeonadaptationisimportant82Currenteffortsbybusinessesonadaptation92.1Pillar1:Enhanceresilience102.2Pillar2:Capitalizeonopportunities102.3Pillar3:Shapecollaborativeoutcomes112.4Enablingmeasurestosupportcoreactions112.5Summaryofbusinessprogressonadaptation123Understandingthedriversandbarrierstobusinessaction133.1Driversforbusinessactiononresilience133.2Barrierstobusinessactiononresilience133.3Analysisofdriversofandbarrierstoaction164Meetingthemoment:howthepublicsectorcancatalysebusinessaction17onadaptation4.1Enhanceknowledgeofclimaterisksandopportunities174.2Makeclimateriskassessmentanddisclosuresthenorm184.3Fostercollaborations184.4Engageinstrongerpublic-privatedialogue20Conclusionandnextsteps21Appendix22Contributors23Endnotes24Disclaimer©2023WorldEconomicForum.AllrightsThisdocumentispublishedbythereserved.NopartofthispublicationmayWorldEconomicForumasacontributionbereproducedortransmittedinanyformtoaproject,insightareaorinteraction.orbyanymeans,includingphotocopyingThefindings,interpretationsandandrecording,orbyanyinformationconclusionsexpressedhereinarearesultstorageandretrievalsystem.ofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.TakingStockofBusinessEffortstoAdapttoClimateChange2December2023TakingStockofBusinessEffortstoAdapttoClimateChangeForewordNeoGimHuayMansNilssonEmmaCoxManagingDirector,CentreExecutiveDirector,StockholmGlobalClimateLeader,forNatureandClimate,EnvironmentInstitutePartner,PwCWorldEconomicForumThefirstGlobalStocktake(GST)tomonitorandactionsandthebarrierstheyfacetodoingmore.evaluatethecollectiveprogressbeingmadetoItwasdevelopedviaasurveyof30Forbes2000achievethegoalsoftheParisAgreementtakesbusinesses,complementedbyin-depthfollow-upplaceatCOP28.TheGSTrepresentsanopportunityinterviewsanddiscussionswiththewiderWorldforcountriesandstakeholderstoseewhereandEconomicForumclimateadaptationcommunity.howtheyarecollectivelymakingprogresstowardsmeetingtheirgoals–inareassuchasclimateOurresearchfindsthatbusinessesaredoingmoreforchangemitigation,adaptationandfinance–andadaptationthanisacknowledged,butalsolessthanwheretheyarenot.Assuchitisanopportunitytotheycould.Thebarrierscompaniesfacetodoingcourse-correctandidentifygapsindelivery,aswellmoreareaddressable,butthisrequiresworkinginasfindwaystoworktogethertoagreeonsolutionsconcertwiththepublicsectorandcivilsocietytoandchartabettercourseforthefuture.ensurethateffortscanbescaledupandsustained.Businessesare–andneedtobe–integraltoBasedontheseinsights,thiswhitepaperprovidessociety’seffortstorespondandadapttoclimatespecificrecommendationsforaction.Asthechange.SoitiscriticallyimportantthattheirreportwasdevelopedtosupporttheCOP28contributionstotheclimatechangeadaptationprocess,theserecommendationsseektoengageagendaarefullycaptured.TosupportandgovernmentsandtheinternationalcommunityascomplementtheGSTprocess,theWorldEconomicwellasbusinesses.TheWorldEconomicForumForumandStockholmEnvironmentInstitute(SEI),willworktogetherwithallstakeholdersonthesewiththesupportofPwC,havecollaboratedtotakerecommendationstofostermorepublic-privatestockofbusinessactiononadaptation.Thispaperdialogueandbuildaction-orientatedpartnershipsdescribestheactionsthatlargeglobalbusinessesthatcanstrengthencommunityresilienceinthefacearetakingonadaptation,whatisdrivingtheseofnewclimaterealities.TakingStockofBusinessEffortstoAdapttoClimateChange3ExecutivesummaryCollaborationbetweenbusinessesandgovernmentscanalignclimatechangeadaptationmoreeffectivelywithsociety’sexpectationsandglobalneeds.IntheinternationaldialogueonadaptationthereManybusinessesstilldonotseephysicalclimatearetwonarrativesabouttheroleofbusiness.Oneimpactsasasignificantrisk.Thisismostlybecauseisthatbusinessesaredoingverylittleonclimatenear-termextremeweathereventsarehardtochangeadaptation.Arelatedandlesswell-predictandcanbeinsuredagainst,whilelonger-establishednarrativeisthatbusinessesshouldbetermpermanentchangestoclimateconditionsplayingamajorroleinadaptation.maybeseenasfallingoutsidecurrentplanningtimeframes.Additionally,businessesgenerallyMostgovernmentsstilldonotpubliclyarticulatedonotfullyassesstherisktotheirvaluechainsaroleforbusinessinadaptation.Howeverthoseofchangingclimateconditions,focusinginsteadthatdosuggestthattheroleshouldbelarge.mainlyontheriskstotheirownoperations.Thesegovernmentsaregrowinginnumber.TheroletheyenvisionfortheprivatesectorfocusesConsequently,manybusinessesfinditdifficulttooverwhelminglyonfinance,butalsootherareassuchmakeastrongbusinesscaseforlargeadaptationasproductandserviceinnovationandonmanaginginvestments.Otherchallengesincludethetransboundaryclimaterisksviasupplychains.availabilityofaccuratedataandclimatemodels,aswellasdifficultyinaccessingthebroadermixEachofthesetwonarrativesisproblematicinitsofskillsandcollaborationsneededtodevelopandownway.Thefirstnarrativemaynotgivethefullexecutesuccessfuladaptationprojects.Asaresult,picture,giventhatbusinessesmaybetakingactionmostbusinessesarenotprioritizingadaptation.toadvanceadaptationinwaysthatdonotinvolveprovidingtrackedfinance,forexample.ThesecondGovernmentsandinternationalactorsthatwanttonarrativeisunderdeveloped.Itisnotclearthatthecatalysebusinessactiononadaptationcanpursuerolesbeingenvisagedforbusinessalignwithwhatseveralapproaches,asfollows:businessesareeitherwillingorpotentiallyabletodo.Bothneedarealitycheck.Whichactionsare1.Enhanceknowledgeofclimaterisksandbusinessescurrentlytakingonadaptation–whetheropportunitiesornottheyarereferredtoasadaptationorreportedassuch?Whatisdrivingtheseactions?WhatInternationalorganizations,thinktanksandbarriersdobusinessesfacetodoingmore?governmentscanhelpbusinessesenhancetheirknowledgeofclimaterisksandadaptationoptionsThiswhitepaperaimstoanswerthesequestions.Itthroughtheexchangeofdata,toolsandskills.alsoofferssuggestionsforhowgovernmentsandtheThepublicsectorandcivilsocietycouldfacilitateinternationalcommunitycanworktofacilitategreatercollaborativeresearch,developmentandinnovationbusinessactiononadaptation,inwaysthatalignbyidentifyinggrowingadaptationchallengesthatwithpublic-sectorexpectationsandglobalneeds.couldbeofinteresttobusinesses.Thisreportdrawsonasurveyof30large2.Makeclimateriskassessmentandglobalbusinesseswhichshowsthatmostaredisclosuresthenormexploringadaptationbyfocusingonclimateriskassessments,opportunityscanning,orcommunityInternationalclimateandsustainabilityreportingprojects.Abouthalfofrespondentsaretakingmoreinitiativeshaveplayedacentralroleingettingthesubstantialaction,butnotnecessarilyinthewaybusinesscommunitytofocusonadaptation.Onetheinternationalcommunitywouldexpectorneed.approachistodevelopcommon,standardizedMostlytheyaredevelopingopportunities–eitherapproachestoriskassessmentanddisclosure,whichtoimproveefficiencies,createvalueviaproductsprovideguidancetobusinesses,enablecomparisonsandservices,ormaximizeothersustainabilityamongpeersandallowforbusinessestoreceiveoutcomes.Onlyaminorityareinvestingsignificantlyrecognition.Anotherapproachistocontinuetheinadaptationprojectsthatbuildtheirownresiliencetrendtowardsmandatorydisclosures,althoughthisorthatofthecommunitiesinwhichtheyoperate.isbestdoneinalignmentwithexistingdisclosureframeworksandinconsultationwithbusiness.TakingStockofBusinessEffortstoAdapttoClimateChange43.Fostercollaborations4.Engageinstrongerpublic-privatedialogueCollaborationsproliferateinthemitigationBeyondtheseactions,thisreportcallsforpublic-domain,whileinadaptationtheyremainnascent.privatedialogueonhowtocreateaconduciveCollaborations–amongbusinessesoperatingintheenablingenvironmentforprivate-sectoractiononsamegeographyorsectorthatfacecommonrisks,adaptation.Thegoalofsuchdialogueistocreatebetweenbusinessesandtheirsuppliers,orbetweenasetofagreementsontherolesofbusinessandpeers,policy-makersandcivilsociety–canhelpgovernment.Thiscanmakecollaborationeasierbrokerinitiativessuchascost-sharingorde-riskingoverall.Sinceadaptationisbothaglobalandaagreementsthathelpacceleratetheflowoffinancelocalchallenge,thisdialogueshouldhappenattoadaptationandreducetheriskofmaladaptation.international,nationalandlocallevels.Thinktanks,internationalorganizations,tradegroupsandgovernmentscanhelpshapethesecollaborationsandsendthesignalthatadaptationisasimportantasmitigation.TakingStockofBusinessEffortstoAdapttoClimateChange51BusinessesandclimatechangeadaptationManygovernmentsseeamajorroleforbusinessesinadaptation,primarilyasprovidersoffinance.However,mostbusinessestakeadifferentviewanddonotyettreatadaptationasahighpriority.1.1TheimpactofextremeweatherandclimatevariabilityoneconomiclossesGlobaleconomicInthefirsteightmonthsof2023,therewereflood-relatedstructuraldamagetoretail,officeandlossesfrom24weather-relateddisastersintheUnitedmulti-unitresidentialpropertiesisestimatedtocostextremeweatherStatesthatcausedoverabilliondollarsinover$13.5billionannually.6eventsleadingtodamage–onaveragemorethanoneeveryfoodandwatertwoweeks.Inthe1980sthereaveragedjustBusinesslossesfromclimatechangearenotshockscouldtotalonesucheventeveryfourmonths.1Globally,limitedtotheimpactsofextremeevents.Climate$5trillionoveraeconomicdamagefromextremeweathervariabilityalsoplaysanimportantrole.Inagriculture,fiveyearperiod.eventshasincreasedseven-foldsincethevariabilityintemperatureandrainfallaccountsfor1970s.2ArecentstudybyLloyd’ssuggeststhat30%–50%ofthevariabilityincerealyields,meaningglobaleconomiclossesfromextremeweatherthatasweathergetslesspredictablesodoyields.eventsleadingtofoodandwatershockscouldThiscreatescoststhatrangefromcroplossestototal$5trillionoverafiveyearperiod.3changesinagriculturaltradeflows.7Outsideofagriculture,examplesofthistrendcanbeseeninExtremeweathereventscandamagecompanies’thechangingdemandforclimate-relatedgoodsandassets,affecttheiremployeesanddisruptservices–forexample,coolingappliancemakersoperations.AccordingtoestimatesfromthearefindingitdifficulttoplantheirinventoryduetoInternationalLabourOrganization,undera1.5°Cunpredictableweathertrends.8warmingscenario,heatstresscouldleadtothelossofworkinghoursequivalentto80millionfull-timeBusinessescanalsobeaffectedbyclimatechangejobsgloballyby2030.SouthernAsiaandWesternimpactsalongtheirvaluechains.ThesemaybeAfricaareexpectedtobetheworstaffected,transboundary,meaningthatclimateeventsinonecontributingtoaround43millionand9millionpartoftheworldaffectbusinessesinotherregions.full-timejobsrespectively.4InIndia,thepotentialForexample,in2022,floodsincentralChinathatincomelosstotheservices,manufacturing,submergedlargepartsofamajoreconomicandagricultureandconstructionsectorsin2021fromtransporthubthreatenedglobalsupplychainsforreductionsinlabourproductivityduetoextremegoodsrangingfromcarsandelectronicstopigs,heatwasestimatedat5.4%ofGDP.5IntheUS,peanutsandcoal.91.2HowgovernmentsperceivetheroleofbusinessesinadaptationInadditiontofacingdirectthreatsfromclimatetheroleoftheprivatesectorinaddressingchange,businessesnowmustrespondtoadaptation,manydo.Ofthosethatdo,mostseeemerginggovernmentexpectationsforthemtoamajorroleforbusinesses,primarilyasaprovideract.Whilemostgovernmentsdonotyetarticulateoffinancialresources.TakingStockofBusinessEffortstoAdapttoClimateChange6Togiveoneexample,theUS’sNationalClimateservicesandproductsonacommercialbasis.13ResilienceFrameworkenvisagesfederalagenciesBangladeshdiscussesworkingwithcompaniestoworkingwiththeprivatesectortoexpandfinancingdevelopbusinessmodelsinthewatersector.14forclimateresilience.MobilizingprivatecapitalisoneofthethreepillarsofthePresident’sEmergencySomegovernmentsarticulatearoleforbusinessinPlanforAdaptationandResilience(PREPARE),buildingtheresilienceoftheiroperationsandsupplywhichcommitstomobilizing$1billioninpublicandchainstoclimaterisks.Thisisbecauseinternationalprivatefinanceforclimate-resilientwater,sanitationtradealongglobalvaluechainsisaprincipalvectorandhealth(WASH)services.Italsoaimstofacilitatefortransboundaryclimaterisks.Forexample,theincreasedprivatesectorinvestmenttoadvanceUnitedKingdom’srecentlylaunchedThirdNationaladaptationandresilienceinclimate-vulnerableAdaptationProgramme(NAP3)assignstoprivatepartnercountries.10businessestheresponsibilityofinvestingintheresilienceofsupplychains,includingtheoverseasAreviewofNationalAdaptationPlans(NAPs)component.15submittedtotheUN’sFrameworkConventiononClimateChange(UNFCCC)bydevelopingFinally,itisimportanttonotethatveryfewandLeastDevelopedCountries(LDCs)showsgovernmentsoutlinehowtheyplantosupportthatmanyLDCsalsoconsidertheprivatesectorbusinessesinfulfillingtherolesexpectedofthem.asasourceoffinancingforimplementingtheirTheUnitedKingdomagainisanexceptionhere,adaptationplans.SomeoftheseNAPsexplicitlywithitsNAP3describingtheroleofgovernmentinmentionprovisionofcapitalbytheprivatesector,ensuringthatbusinesseshavetheinformationtheywhileothersdiscussleveragingcorporatesocialneedandaconstructiveregulatoryenvironmenttoresponsibilitycommitments.11supporttheminthisprocess.NAP3alsocommitsthegovernmenttohelpingaddressclimaterisksBeyondfinance,afewgovernmentsseearolefortobusinessandindustrythroughacombinationofbusinessininnovation,particularlyasprovidersofmacro-economicpolicy,investmentinresilience,adaptationgoodsandservices.12Bhutan’sNAPevidencegatheringandbusinessengagement.16talksabouthowbusinessescansupplyadaptation1.3AbusinessframeworkforclimateadaptationMostbusinessesBusinessesthemselvestendtoseetheirrole–Businessescancapturegainsbyprovidingtheareonlyjustdifferentlyfromhowgovernmentsseeit.Firstly,goodsandservicesneededforadaptation,startingontheirmostbusinessesareonlyjuststartingontheirfindingopportunitiesforcostsavingsandadaptationjourneyadaptationjourneyanddonotyettreatadaptationdevelopingmitigationco-benefits.anddonotyettreatasahighpriority.ResearchfromS&PGlobalshowsadaptationasathatjustoneinfivecompanieshasaplantoadapt–Businessescanstrategicallycollaboratewithhighpriority.tothephysicalimpactsofclimatechange,andofotherstakeholderstowardsreshapingsystemsthoseonly35%haveeitherbegunimplementingthisonwhichtheydependandwhichwillneedtoplanorexpecttodosowithinthenexttenyears.17changeinthefaceofclimateimpacts.ThosebusinessesthatarelookingcloselyatThisframework–discussedatgreaterlengthintheadaptationtendtofocusprimarilyonreducingornextchapter–representsabroaderperspectivemanagingtheirowndirectexposuretoclimaterisk,onadaptationthantheonecurrentlydrivingmostsoastoensurebusinesscontinuity.Consequently,corporateaction,anditprovidesanapproachfortheyframetheireffortsusingtermssuchasbusinessestoavoidlosses,capturegainsand“businessresilience”,“climateriskmanagement”orshapeimportantsystemicoutcomescollaboratively“businesscontinuityplanning”.18withpartners.AbroaderGivenuncertaintyaroundtheroleofbusinessinAbroaderperspectiveisnecessarytoavoidtheperspectiveisadaptation,inJanuary2023theWorldEconomicmaladaptationthatcouldresultfromfocusingnecessarytoavoidForumincollaborationwithPwCpublisheditswhiteexclusivelyonensuringbusinesscontinuity.20themaladaptationpaperAcceleratingBusinessActiononClimateFocusingsolelyonbuildingoperationalresiliencethatcouldresultChangeAdaptation.Thereportpresentedaclimatecould,forexample,leadtoinvestmentsthatfromfocusingadaptationframeworkwhichillustratestheroleredirectriskstowardsvulnerablecommunities,exclusivelyonbusinessescanplay(seeFigure1):19suchasfloodprotectionschemesthatuniquelyensuringbusinessprotectaparticularbusinessasset.Similarly,itcontinuity.–Businessesshouldfocusonbuildingtheirownmayseemtoabusinessthatthebestclimateresiliencetoclimateimpacts,whiletheireffortsriskmanagementstrategyisexitingoperationsorshouldalsoreachbeyondimmediateoperationsdiscontinuingsuppliersfromaparticularmarketortotheirvaluechainsandthecommunitiesgeography.Thiscanhaveahugeadverseknock-connectedtothem.oneffectontheeconomyofthatregionintermsTakingStockofBusinessEffortstoAdapttoClimateChange7ofjobsandlivelihoodsandaddtothevulnerabilityRecentresearchshowsevidenceoffirmsbeginningoflocalcommunitiestoclimateimpacts.Thistotakesuchactions.Somearestartingtocanexacerbatethesortsoftransboundaryrisksterminateexistingsupplierrelationshipstofavourmentionedearlierandreboundbackonglobalreplacementsupplierswithlowerexpectedclimate-businessesinmyriadways.riskexposure.21Thismeansthatthetimetoengagebusinessesmoredeeplyinadaptationisnow,beforesuchmaladaptivepracticesbecomewidespread.1.4WhyabusinessstocktakeonadaptationisimportantTheSharmEl-EngagingbusinessinadaptationisaclearpriorityThispaperaimstocontributetowardsthatSheikhAdaptationfortheinternationalcommunity.Thiswasreflectedclearerunderstanding.Basedonasurveyof30AgendaincludesinthelaunchatCOP27oftheSharmEl-Sheikhcompaniesandin-depthinterviews,Chapter2agoalfor2,000ofAdaptationAgenda,whichincludesagoalforpresentsasummaryofcurrentbusinessactionstheworld’slargest2,000oftheworld’slargestcompaniestodeveloponadaptation.Chapter3focusesonbarrierscompaniestoactionableadaptationplansby2030.22Achievingcompaniesfacetodoingmore.Chapter4thendevelopactionablethisgoalandscalingupbusinesseffortsrequireadevelopsrecommendationsforgovernmentsandadaptationplansclearunderstandingofcurrentbusinessactionontheinternationalcommunitytoengagebusinessesby2030.adaptationandthechallengesbusinessesfaceininlightofthesefindings.playingalargerrole.TakingStockofBusinessEffortstoAdapttoClimateChange82CurrenteffortsbybusinessesonadaptationAsurveyconductedforthisreportrevealsthatwhilelessthanathirdofcompaniesareaddressingphysicalclimateriskstotheirbusiness,two-thirdshaveidentifiedopportunitiesinclimateadaptation.Thischaptercapturestheeffortsthatbusinesses–Pillar3:Shapecollaborativeoutcomes,byaremakingunderthethreepillarsoftheclimateengagingwithgovernments,communitiesandadaptationframeworkpresentedinourJanuary2023otherstakeholdersinactionstoboostadaptationwhitepaperAcceleratingBusinessActiononClimatetothecascadingeffectsofclimatechange.ChangeAdaptation(seeFigure1):Theframeworkalsostatesthatbusinessesshould–Pillar1:Enhanceresilience–sothatoperationstakeenablingmeasures(e.g.establishingaandvaluechainsthatcannotonlyadapttobutclimatestrategy,mainstreamingclimateriskinthriveinthefaceofcurrentandfutureclimatedecision-making,submittingcomprehensiveclimatechangeimpacts.disclosures)tobuildanorganizationalenvironmentthatenablesmoreeffectiveprogressonthecore–Pillar2:Capitalizeonopportunitiesrelatedactionsundereachpillarabove.tonewmarketsforadaptation-relatedgoodsandservices,aswellasopportunitiestoachievegreaterefficiencyandsustainability.FIGURE1ClimateadaptationframeworkforbusinessesBusinesscaseAvoideconomiclossIncreaserevenue,costProtectcommunitiesPillarssavingsandsustainabilityandecosystemsEnhanceresilienceCapitalizeonShapecollaborativeopportunitiesoutcomesCoreactions-Assesstheimpactsofclimate-Leverageproducts,servicesand-Participateinmultistakeholderrisksonbusinessesandacttobusinessmodelsthathelpeffortsthatpromoteactiononadaptandbuildresiliencebusinesses,communitiesandclimatechangeadaptationecosystemsadaptandbuild-Workwithsuppliersandresilience-Delivertransformativeprojectscommunitieconnectedtotobuildcommunityandthevaluechaintoenhance-Pursueadaptationopportunitiesecosystemresiliencebusinessresiliencethatcontributetoefﬁciency,sustainabilityandclimatechangemitigationEnablingmeasures-Establishaclimatestrategythatintegratesclimatechangeadaptationandnet-zerotransformationbybusiness–to-Mainstreamclimateriskconsiderationsintobusinessdecision-makingsupportcore-MakecomprehensiveandtransparentclimatedisclosuresactionsaboveTakingStockofBusinessEffortstoAdapttoClimateChange92.1Pillar1:EnhanceresilienceOnly33%ofKeyfinding1:GlobalbusinessesareassessingKeyfinding4:Businessesareyettofocusrespondentsthephysicalclimateriskexposureintheironadaptationintheirvaluechains.saidtheyareoperations.currentlyworkingOfthe80%ofrespondentswhoconductedclimateonaddressingAmongthe30respondents,80%saidtheyhaveriskassessmentsoftheirexistingoperations,halfphysicalclimateconductedriskassessmentstoidentifyphysicalsaidtheyhavealsoconductedriskassessmentsrisks.climateriskstotheirbusiness.Ofthese,allofupstreamvaluechainactivities.However,fewerreportedthattheirriskassessmentscoverexistingthanoneintenbusinessesaremovingbeyondoperationswhilearoundhalfsaidtheycovernewassessmentstoworkwithvaluechainpartnersoroperations.thecommunitiesconnectedtothem.Keyfinding2:OnlyabouthalfofbusinessesKeyfinding5:Businessstrategiesforidentifyanyphysicalrisksthattheydeemrespondingtoclimaterisksarediverse.“material.”Ofthe33%ofrespondentswhosaidtheyareMaterialityreferstohavingsignificantfinancialorcurrentlyworkingonaddressingphysicalclimatestrategicimpact;43%ofbusinessessurveyedrisks,allsaidtheyadoptrisktransfermeasures(e.g.foundphysicalclimaterisksthattheydeeminsurance,derivatives).Similarly,allofthemarematerial.implementingoneormoreriskreductionmeasures(e.g.newtechnologyadoption,resilientinputs,Keyfinding3:Somebusinessesreportprocesschanges).Someofthesebusinessescurrenteffortstobuildresiliencetophysicalarediversifyingtheirproductportfolios(60%)orclimaterisks.pursuingmarketdiversificationstrategies(60%).Only33%ofrespondentssaidtheyarecurrentlyKeyfinding6:Businessesmaybepursuingworkingonaddressingphysicalclimaterisks.Halfmaladaptivemeasurestomitigateclimaterisks.ofthesehavedevelopedorareintheprocessofdevelopingaspecificcompany-wideadaptationThirteenpercentofsurveyrespondentssaidtheyplan,whiletheremaininghalfhaveplansdevelopedarerelocatingeithertheiroperationsortheirsupplyorbeingdevelopedbydifferentbusinessfunctions.chainsawayfromcertaingeographiesduetophysicalclimaterisks.2.2Pillar2:Capitalizeonopportunities67%ofKeyfinding1:ManybusinesseshaveidentifiedKeyfinding3:Themostfrequentlyexploredrespondentssaidmarketopportunitiesarisingfromadaptation.opportunityisrevenuegenerationfromtheyhadidentifiedadaptation-relatedproductsandservices.opportunitiesTwo-thirdsofrespondents(67%)saidtheyhadarisingfromidentifiedopportunitiesarisingfromphysicalNearlyhalf(43%)ofrespondentssaidtheyarephysicalclimateclimaterisksandmeasurestoaddressthem.workingonactionstoexploreopportunitiesinrisksandmeasuresTheseopportunitiescouldentailsalesofproductsproductsandservices.Theseactionsincludetoaddressthem.andservices,costsavingsandefficiencies,ordevelopingnewusecasesforexistingproducts/improvementsonothersustainabilityoutcomes.services,investinginresearch,developmentandinnovation,andcollaboratingwithotherbusinessesKeyfinding2:Visionarybusinesseshavestartedandstakeholdersfornewproductdevelopmentandworkingtowardscapitalizingonadaptation-solutiondeployment.Meanwhile,23%saidtheyrelatedmarketopportunities.areworkingonadaptationinterventionsthatcanhelpthemachievecostsavings,sustainabilityandMorethanhalfofrespondentsareworkingtoclimatechangemitigationgoals.developopportunitiesarisingfromphysicalclimaterisksandmeasurestoaddressthem.Thismeansthataverylargeshareofbusinessesthatfindopportunitiesareactingonthem(over80%).TakingStockofBusinessEffortstoAdapttoClimateChange102.3Pillar3:Shapecollaborativeoutcomes87%Keyfinding1:Businessesbelievetheyhaveofcompaniessurveyedareworkingwithotherrespondentsaroletoplayinbuildingtheresilienceofbusinessesandindustryassociations,while60%recognizethatcommunitiesandecosystems.areengagingwithnon-governmentalstakeholders,theyhavearoletosuchascommunityandIndigenousleaders,playinprotectingNearlynineoutof10(87%)respondentsrecognizeacademiaanddevelopmentagencies.communitiesandtheyhavearoletoplayinprotectingcommunitiesecosystemsfromandecosystemsfromphysicalclimaterisks,whileKeyfinding3:Onlyafewbusinessesarephysicalclimatethegreatmajority(83%)saidtheyarepartofambitiousintheireffortstosupportcommunityrisks,butonly13%multistakeholdereffortsonadaptation.andecosystemresilience.saidtheyhavecommittedfinancialKeyfinding2:MostbusinessesareengagedinHowever,just33%ofrespondentshavemaderesourcesforsuchadaptationactivitiesatcommunitylevel.commitmentsorsetgoalsandtargetsrelatedtoinitiativesintheprotectingcommunitiesandecosystemsfromthenextfiveyears.Morethanhalf(57%)ofrespondentsaredesigning,impactsofclimatechange,whileonly13%saidinvestinginandimplementingcommunitytheyhavecommittedfinancialresourcesforsuchadaptationandresilienceprojects.Two-thirds(67%)initiativesinthenextfiveyears.2.4EnablingmeasurestosupportcoreactionsVeryfewKeyfinding1:Theadaptationagendamostlyassignedatallmanagementlevels,andveryfewrespondentssaidsitswithsustainabilityteams.respondentshaveprovidedmanagementincentives.theirbusinesseshavedevelopedAlthoughadaptationtouchesstrategy,risk,financeKeyfinding2:Adaptationisnotwellintegratedaclimatepolicyandotherdomains,mostrespondentssaidthatintobusinessesclimatestrategies.thatintegratestheirsustainabilityteamorenvironmental,socialmitigationandandgovernance(ESG)functionisresponsibleWhilemostrespondentssaidtheyhaveintegratedadaptation.foradaptation-relatedactivities.Thereisalsoaclimateriskconsiderationsintotheirbusinesstrendtowardsestablishingaboard-levelclimatedecision-makingsystemsandprocesses,veryfewofgovernancemechanism.However,rolesandthemsaidtheirbusinesseshavedevelopedaclimateresponsibilitiesrelatedtoadaptationhavenotbeenpolicythatintegratesmitigationandadaptation.TakingStockofBusinessEffortstoAdapttoClimateChange112.5SummaryofbusinessprogressonadaptationAsizeablegroupFigure2presentsasummaryofprogressmadeHowever,adaptationisalsonotgenerallyapriority,ofcompaniesbythebusinessessurveyedforthisreportinatleastnotonaparwithmitigation.While60%isdevelopingrelationtothethreepillarsoftheForum’sclimateofrespondentsratedclimatemitigationasa“veryadaptation-adaptationframework.high”priorityfortheirbusinesses,just27%ratedrelatedbusinessadaptationasa“veryhigh”priority.This27%isopportunities.Theoverallpicturetoemergefromthesurveyisonesignificant.Onthewhole,roughlyonequarterThisisapoorlyofinterestedexploration.toonethirdofsurveyedcompaniesaretakingunderstoodsignificantadaptationaction.phenomenonthatCorporateinterestinadaptationisclear.Onlydeservesmore20%ofrespondentssaidtheirleadershiplackedAmongrespondents,thereisasizeablegroupattentionandinterestinadaptation.Mostcompaniessurveyedofcompaniesdevelopingadaptation-relatedsupport.areassessingphysicalclimateriskstotheirbusinessopportunities.Thisisapoorlyunderstoodoperations.Almostallfeelaresponsibilitytowardsphenomenon,totheextentthattherearenoFIGURE2protectingcommunitiesandecosystemsfromgoodglobalestimatesofthesizeofmarketsforclimateimpacts.adaptation-relatedgoodsandservices.Itdeservesmoreattentionandsupport.BusinessprogressagainsttheclimateadaptationframeworkPillar1Assessedtheimpactsofphysicalclimaterisks80%Enhanceonbusiness33%resilienceAddressingclimaterisksandbuildingresilienceWorkingwithsuppliersandcommunitiesinthevalue7%chaintoenhancebusinessresiliencePillar2Identiﬁedopportunitiesarisingfromclimaterisks67%CapitalizeandadaptationonopportunitiesWorkingondevelopingclimateriskopportunities57%Developingproductsandservicesforclimateadaptation43%Pillar3Pursuingadaptationopportunitiesthatcontributeto23%Shapeefﬁciency,sustainabilityandclimatechangemitigationcollaborativeoutcomesRecognizeroleofbusinessinprotectingcommunities87%andecosystemsfromphysicalclimaterisksParticipatinginmultistakeholdereffortsonadaptation83%Designing,investinginandimplementing57%communityadaptationandresilienceprojectsCommittedﬁnancialresourcestodesignand13%implementinitiativestoprotectcommunitiesandecosystemsfromclimatechangeinthenextﬁveyears0%20%40%60%80%100%TakingStockofBusinessEffortstoAdapttoClimateChange123UnderstandingthedriversandbarrierstobusinessactionWhilecompaniesareworkingonadaptationtocomplywithclimateriskdisclosurecommitments,manybarrierstobusinessactiononadaptationremain.ThefindingsinChapter2poseseveralquestions.explorethedriversandbarrierstoactionthatareWhydosomanybusinessesthatassessclimateinfluencingbusinessbehaviouronadaptation,risksfailtoactonmitigatingthem?Whatisdrivingaimingtoanswerthesequestionsandothers.theirinterestinthefirstplace?Thischapterwill3.1DriversforbusinessactiononresilienceOnerespondentWhilemultiplefactorscontributetocompanies’riskthatithadnotaskedbefore,whichmadeitsaidthatbyinterestinadaptation,afewstandout.Amongcurioustolearnmore.developingTCFD-surveyrespondents,33%reportedbeingmotivatedalignedriskbythedesiretoenhancetheresilienceoftheTheimportanceofdisclosuresindrivingactiondisclosuresthebusinesstophysicalclimaterisks.Meanwhilealignswiththeirpopularity.About4,500companiescompanyasked23%saidtheywantedtoestablishthemselvesasfromallaroundtheworld,includingmorethanquestionsaboutleadersintakingclimateaction.Whenaskedabout1,800financialinstitutions,supporttheTCFD’sphysicalclimatetheirmotivationsdirectly,morethanonethirdofrecommendations.24Accordingtothe2023TCFDriskthatithadnotrespondentsreportedworkingonadaptationsoasStatusReport,62%ofcompaniesparticipatingaskedbefore.toensuretheircommitmenttoorcompliancewithinTCFDreportonclimate-relatedrisksorexistingandemergingclimateriskdisclosures.opportunities,andthenumberofcompaniesdoingsohasincreaseddramaticallysince2020.25ThemostcommonlyconductedadaptationactionamongsurveyparticipantsistoperformTheclimateriskdisclosuremandatesemerginginaclimateriskassessment.Thisisfollowedseveraljurisdictionsacrosstheglobeinthepastcloselyby“publishingriskdisclosures”,with70%twoyearshavealsoledtomorebusinessestakingpublishingreportsalignedtotheTaskForceonupadaptationasapriority.WiththelaunchbyClimate-RelatedFinancialDisclosures(TCFD).23theInternationalSustainabilityStandardsBoardFurthermore,disclosurerequirementsandthe(ISSB)oftheInternationalFinancialReportingdesiretobuildresiliencetophysicalclimateriskmayStandard(IFRS)S2Climate-relatedDisclosures,thebelinked.Inaninterview,onerespondentsaidthatmomentumhasincreasedfurtherandincreasingbydevelopingTCFD-alignedriskdisclosuresthenumbersofbusinessesarenowfocusingonclimatecompanyaskedquestionsaboutphysicalclimateriskandadaptation.3.2BarrierstobusinessactiononresilienceSurveyedbusinessesidentifiedanumberofbarriersandexpertisearelacking;adaptationiscostlyandthatinhibitcorporateactiononadaptation,includingtheinvestmentcaseisdifficulttomake;andthethefollowing:physicalclimateriskisnotdeemedtopolicylandscapeoffersnoincentivesforaction.bearisk–oritcanbemanaged;humanresourcesTakingStockofBusinessEffortstoAdapttoClimateChange13ByfailingPhysicalclimateriskisnottimescales.Often,thelackofamethodicaltounderstanddeemedtobeariskapproachresultsinanunderestimationofadaptationasafinancialimpactsandthecalculatedvaluefailsrisk,notonlydoWhile45%ofsurveyrespondentssaidtheyhavetoreachtheestablishedmaterialitythreshold.28businesseslimitidentifiedphysicalclimaterisksthroughtheirinvestmentsintoclimateriskassessments,theysaidtherisksthey–Scopeofclimateriskassessments:Onlyonebuildingtheirownidentifieddonothaveanysignificantfinancialorrespondentsaidtheirclimateriskassessmentsresilience,theyalsostrategicimpactontheirbusiness.Somesaidcovertheirupstreamanddownstreamvaluemissopportunitiesthelikelihoodofsufferingclimateimpactstotheirchainandcommunitiesconnectedtothetoprovideproductsoperationsorvaluechainwaslow,whileothersvaluechain,inadditiontotheiroperations.andservicessaidsimplythattheexpectedmagnitudeofclimateThelimitedscopeofmostassessmentstohelpothersimpactdidnotmeettheirinternalthresholdforcouldresultinanunderestimationofclimatemanagerisks.significance.Businessesgaveseveralreasonsforrisktobusinesses.thislackofassessedsignificance:ThisbarrierinhibitsactiononbothPillar1(Enhance–Timehorizons:21%ofrespondentssaidresilience)andPillar2(Capitalizeonopportunities)theythinktheserisksonlymanifestintheoftheframeworkforbusinessactiononadaptation.longterm,morethan10yearsfromnow.Byfailingtounderstandadaptationasarisk,notBusinessesgenerallyuse3-10yeartimeframesonlydobusinesseslimitinvestmentsintobuildingforriskmanagement,1-2yeartimeframesfortheirownresilience,theyalsomissopportunitiesoperationalandfinancialplanning,and2-5yeartoprovideproductsandservicestohelpotherstimeframesforstrategicandcapitalplanning.26managerisks.–Limitationsofclimatedata:AvailableclimatePhysicalclimateriskcanbemodelsdonotprovideaccurateforecastsofmanagedclimateeventsinthenearfuture.BusinessesarenotabletoestimatewithcertaintytheManybusinessesthinkthephysicalimpactsoffrequencyandseverityoftheseeventsintheclimatechangecanbemanagedandthereforetimeframesalignedwithbusinessprocesses.donotposeasignificantrisk.Infact,87%ofFurthermore,thespatialvariabilityofthesesurveyrespondentsratedtheircurrentlevelofeventsisnotcapturedinsufficientdetailbypreparednessrelatedtoadaptationasmediumtoexistingdatasetsinmanypartsoftheworld.27veryhigh.Thereisacommonperceptionamongmanybusinessesthatriskcanbemitigatedor–Limitationsofapproaches,modelsandmanagedbywayofrisktransferinstrumentssuchtoolsusedforriskassessment:Accuratelyasinsurance.29AsmentionedinChapter2,oftheestimatingthefinancialimplicationsofclimate33%ofrespondentswhosaidtheyarecurrentlyimpactsisdifficult,especiallyonlongerTakingStockofBusinessEffortstoAdapttoClimateChange14Halfofworkingonaddressingphysicalclimaterisks,allresources,bothintermsofnumbersaswellasrespondentssaidtheyadoptrisktransfermeasures.Themostspecifictechnicalskillsandexperience.reportedthelikelynear-termclimateimpactsaregenerallyabsenceofaincludedinthestandardinsurancepoliciesthatAdaptationiscostlyandfinancingconducivepolicybusinessespurchasetocovertheiroperations.isdifficultandregulatory“Forcemajeure”clausesinsupplychaincontractslandscapeforareconsideredsufficienttoolsforclimateriskAbout45%ofrespondentssaidthatthehugeadaptationmanagement.30investmentneedsassociatedwithadaptationdeterinvestmentsasaaction.Asimilarnumberofrespondents(41%)saidmajorbarriertoHumanresourcesandtechnicalfinancingadaptationinterventionsischallenging.action.expertisearelackingItisclearthatsomeadaptationstrategiescanbeInsufficienthumanresourcesandlackoftechnicalcapitalintensive(e.g.retrofittingafacilitytomakeitexpertisewerecitedasabarrierby34%and31%floodproof).Itisalsotruethatadaptationcoststendofrespondentsrespectively.Ittakesmanpowertotofallunderoperationalexpenses(OpEx),suchasconductclimateriskassessmentsandscenariotheneedtoincreasesuppliesofbufferstocksoranalyses,identifyandprioritizeappropriateinvestinprocesschanges.Thesefactorsmayresultadaptationmeasures,makearobustinvestmentinbusinessesperceivingadaptationcoststobecase,implementthemeasures,thentrackandreporthuge,hardtofinanceanddisproportionatetothetheprogressandeffectivenessofthosemeasures.risk.Thismaylimitaction,inturnlimitingdemandforadaptationfinance,whichthenmakesadaptationMostofthesetasksaretechnicalinnatureandspanfinancehardertoaccess.adiverserangeoffieldsincludingclimatescience,riskmanagement,civilengineering,financialanalysisItisdifficulttomaketheandprojectmanagement.Asaresult,peoplewhoinvestmentcaseforadaptationareskilledandexperiencedintheseareasareneededtobuildamoreholisticunderstandingofAboutthree-quartersofrespondentssaiditisdifficultclimaterisksandadaptation.Atpresent,adaptationtoquantifythecostsandbenefitsofadaptationismostlymanagedbyESGorsustainabilityteamswhichgenerallylackthenecessaryhumanTakingStockofBusinessEffortstoAdapttoClimateChange15investmentsinordertomakeaninvestmentcase.Consequently,businessesfailtomakearobustBusinessesneedtopersuadefinancialdecision-investmentcaseorsecurethebuy-inandfinancemakersoftheneedtoinvestinadaptation.Thisneededtoimplementadaptationmeasures.requiresansweringtwosetsofquestions:Thereisnoincentivetoact–the–First,howdoclimateimpactsaffectbusinesspolicyandregulatorylandscapetodayandinthefuture?Whatisthepotentialisnotconduciveeconomicloss?Halfofrespondentsreportedtheabsenceofa–Second,whichadaptationstrategieswillhelpconducivepolicyandregulatorylandscapefortoavoidpotentialeconomicloss?Whataretheadaptationinvestmentsasamajorbarriertoaction.costsandbenefitsofeachofthosestrategies?AsdiscussedinChapter1,mostgovernmentsareyettodefinetheirownroleinfacilitatingbusinessAsmentionedearlierinthispaper,itisnoteasytoactiononadaptation,meaningthatpoliciesandanswerthefirstquestionduetolimitationsofclimateincentiveshavenotbeensetupwithadaptationindataandtheapproaches,modelsandtoolsusedformind.riskassessment.Answeringthesecondquestionisalsodifficult,foranumberofreasons:Bycontrast,awell-developedecosystemofpoliciesandincentivesthatgoesbeyondgovernments–Becauseadaptationissospecifictothelocaltoincludepressurefromandrecognitionbythirdgeography,typeofbusinessandnatureofrisks,partieshasbeenestablishedforclimatemitigation.businessesstrugglewithidentifyingappropriateBusinessesareundersignificantpressuretoactadaptationstrategiesandmeasures.oncarbonabatementandtheyreceiveaccoladesforsettingemissions-reductiontargetsalignedwith–Therearebenefitsfromadaptationthatarenot1.5°Corwellbelow2°Cpathways.quantifiableinfinancialtermsusingtraditionalapproaches.3.3AnalysisofdriversofandbarrierstoactionTheadaptationThoughthischapterhaslistedanddescribedamakeasolidbusinesscase,giventhedifficultyofagendacompetesdiversesetofdriversandbarriersthatbusinessesarticulatingbusinessimpacts.foralreadylimitedface,itispossibletolookatthemholisticallyandresourcesandseeastorybeginningtoemerge.Thecollectiveresultoftheseissuesisthatwhileattentionwithcompaniescomplywithdisclosurerequirementsmitigation,whichisThesurveyhasshownthatinmostcompaniesbyassessingriskandestablishingthenecessaryfrequentlyaCEO-thereisaboard-levelgovernancefunctionthatstructuresinternally,adaptationrarelyregisterslevelpriority.looksatclimateriskandthatresponsibilityfortheasapriorityandbusinessesfailtosubstantivelyadaptationagendagenerallylieswithsustainabilityengage.Thisoutcomeinturncreatesself-reinforcingteams.Mostboardshaveahardtimeelevatingconsequences:becausethereislittleprivate-physicalclimateriskasatoppriority.Incompaniessectorappetitetoundertakeadaptationprojects,withobviouslylargeanddirectexposuretoadaptationfinanceremainsunder-developedandclimateriskthiscanbedifferent,butingeneralexpensive;becauseadaptationisnotaprioritytheystrugglewiththechallengesdescribedacrossthebusiness,itisdifficulttoengagewithabovearoundtimehorizons,dataavailability,valuechainpartnersonthetopicashigherprioritymethodologicalapproachesandtheavailabilityofagendaswilldrivesuchhighlystrategicrelationships.risktransfermechanisms.Theremayalsobeanopportunitycostissue,asotherrisksaredeemedThesituationisnothelpedbytheenablingpolicyclearerandmorepresent–forexample,in2023environmentinmostcountries.AsdiscussedinthiscouldrefertogenerativeartificialintelligenceChapter1,onlysomegovernmentshavesetouttheir(AI)andgeopoliticalinstability.expectationsfortheroleofbusinessinadaptation,andevenfewerofferpoliciesorincentivestoWithinsustainabilityandESGteams,theencouragebusinessactiononadaptation.adaptationagendacompetesforalreadylimitedresourcesandattentionwithmitigation,whichisWhatcouldgovernmentsandtheinternationalfrequentlyaCEO-levelpriority.Adaptationalsocommunitydodifferently?Howcouldtheyhelprequiresdifferentand,incertaincases,morebusinessesemergefromthecurrentstatusquoandtechnicalskillsets,whichraisesbarriersrelatedmakemuchlargercontributionstoadaptation,intohumanresourcesandexpertise.TherearelinewiththeexpectationsbeginningtoemergeinsustainabilityteamsthatwouldliketoelevatesomeNationalAdaptationPlans?ThisisthesubjecttheadaptationissueinternallybutstruggletoofChapter4.TakingStockofBusinessEffortstoAdapttoClimateChange164Meetingthemoment:howthepublicsectorcancatalysebusinessactiononadaptationGovernmentsandinternationalorganizationscansupportbusinessesinadaptingtoclimatechangethroughsupportwithdata,reporting,collaborationsanddialoguearoundshapinganenablingenvironment.Chapter1ofthispaperdetailedtheseverityandItisclearthatbusinessactiondoesnotyetmatchurgencyoftheclimatecrisis,whileChapter2theurgentneedforadaptation.Itistimetoact.madeclearthat,ingeneral,businessactiononGovernments,businesses,civilsocietyandotheradaptationislimited.Relativelyfewcompaniesorganizationsallshareaninterestinpreparinghavefullyassessedtheriskstheyfacedirectlyfortheimpactsofclimatechange,andeachcanaswellasthroughtheirsupplychains,orbringdifferentstrengths.Bycollaborating,theycanmadesignificantinvestmentstoaddressthem.makethemostoftheirrespectivestrengthsandBusinessesarealsomissingoutonopportunitiesaccelerateadaptationaction.tocreatetheproductsandservicestheworldwillneedtoadapt.AndfewarepartneringwithThischapteridentifiesapproachesfortacklinggovernmentstodrivethetransformationofthebarriersandscaling-upbusinessactionsthatimpactedsystems.governmentsandinternationalorganizationscanleadorsupport.4.1EnhanceknowledgeofclimaterisksandopportunitiesThefirststepistoactivelyengagewithbusinessesscienceisevolvingandhighlighttheriskofseveretohelpthemunderstandtheclimaterisksandbusinessdisruptionbysharingclimatedataandco-opportunitiestheyface,intheneartermandindevelopingriskassessmentapproachesandtools.thecomingdecades.Thisiscrucialbecause,asdiscussedinChapter3,mostbusinessleadershaveThepublicsectorandcivilsocietycouldplayarelativelynarrowviewofclimaterisks,sotheytendparticularlyimportantrolesinenhancingbusinesses’tounderestimatethem.Thisisnotsurprising.Givenawarenessofadaptation-relatedcommercialclimateriskmanagementisstillanewtopicforopportunities.Theymayidentifyspecificneedsmostbusinesses,theytypicallylackemployeeswiththatacompanyiswell-positionedtomeet,suchastherequiredexpertiseordetailedclimatemodelsoff-gridsolarpowersolutionsinplacesathighriskandapproachestoreferto.ofoutages.OrtheymaysimplyshareinformationaboutagrowingadaptationchallengeandinviteHowever,internationalorganizations,thinktanksbusinessestocomeupwithideasforhowtoand,attimes,governmentsoftendohavetheseaddressit,perhapsthroughcollaborativeresearch,resources.Theycanhelpbusinessesenhancedevelopmentandinnovation.theirknowledgeofclimatescience,analyticalandplanningtoolsandadaptationoptions.TheycanConveningbusinessleadersfromallpartsofthehelpbusinessleadersunderstandhowclimateworldtodiscussclimaterisksandwaystoaddressTakingStockofBusinessEffortstoAdapttoClimateChange17themcanhelpcreateasenseofurgencyandtodirectclimaterisks(e.g.agriculture,water-mobilize“firstmovers”whothenbecomemodelsforintensiveindustries),orinsectorswithsignificanttheirsectors.Thishasbeenasuccessfulapproachsupply-chainrisks(e.g.pharmaceuticals).32formanyinternationalcorporatesustainabilityinitiatives,includingseveralthatarenowtacklingInadditiontoactivatingleaders,sucheffortscanadaptationchallenges,suchastheUNGlobalprovidevaluablesupportforindividualswithinCompactThinkLabonJustTransition.31companieswhoalreadycareaboutadaptationandaretryingtomakethebusinesscaseforinvestinginGovernmentscandothisaswell,atthenationalandit.Manysuchindividualshavecomeforwardduringregionallevels,inspecificsectorswithhighexposurethesurveyandaspartofthisstocktakingwork.4.2MakeclimateriskassessmentanddisclosuresthenormAsdiscussedinChapter3,internationalclimateoftheirpeers.Thiscanhelpthemidentifyblindandsustainabilityreportingframeworks,suchspotsormissedopportunities.ItalsoenablesasTCFD,haveplayedacentralroleingettingcompaniestopresentclearerinformationtobusinessestodiscloseclimatedataandinvestinvestorsandotherstakeholders,whocaninclimateaction.Byensuringthatclimateriskpushbusinessestowardsahigherstandardassessmentanddisclosurebecomesanacceptedonclimateriskmanagement.Governmentsnorm,thebusinesscommunitycanbegalvanizedcanworkwiththesestakeholders,particularlyintofocusingmoreonadaptation.Onepriorityistoinvestors,todesignstrategiesformaximizingdevelopcommonapproachestoriskassessmenttheeffectivenessofsuchinitiativestocatalyseanddisclosure.Standardizedframeworkscanprovefurtheraction.valuableinthreeways:–Receivingrecognition:Third,theyareone–Providingguidance:First,theyprovideofthefewwaysavailableforbusinessestoguidanceonbestpracticeandwhichreceiverecognitionfortakingpositivemeasuresquestionstoasktoavoidmissingimportantonadaptation.aspectsofclimaterisk.Forexample,theTCFDrecommendationscallforbusinessestoTherecenttrendofgovernmentsinmandatingconsiderrisksnotonlyintheshortormediumclimate-relatedreporting,eitherdirectlythroughterm,butalsointhelongerterm.Theycallfordevelopingtheirowndisclosureframeworksorspecificmetricsandtargets.TheyalsoaskhowthroughpromotingframeworkssuchasTCFD,cantheboardandmanagementareengagedinprovebeneficialinacceleratingactiononadaptationassessingandmanagingclimaterisks,pointingbybusinesses.However,mandatingdisclosureistotheneedforseniorleadershiptobeinvolvedbestdoneinalignmentwithexistingframeworksandnotjustdesignatedsustainabilityofficers.andinconsultationwithbusiness.Anotherapproachistopromotetheuseofclimateriskand–Enablingcomparisons:Second,theyenableadaptationinformationbyinvestorstoassessandcompaniestoseehowtheirriskassessmentsmonitortheshort-termperformanceaswellasandadaptationstrategiescomparewiththoselong-termsustainabilityofportfoliocompanies.4.3FostercollaborationsAsthediscussionabovemakesclear,adaptationistanks,internationalorganizations,tradegroupsorchallengingforanybusiness,butparticularlydifficultsometimesgovernments.Theycanbequitenarrowwhenactingalone.Collaborationscanhelpensure–forinstance,agovernmentagencymightconvenethatcompanieshavetheknowledge,innovation,leaderswithinasectororlocationtoaddressaresourcesandfinancialroomtomanoeuvrethatarespecificclimateriskofconcern,suchassupply-requiredforeffectiveadaptation.chainrisksinthepharmaceuticalssectororfloodrisksinawaterfrontdistrict.OrtheycanengageInprinciple,collaborationscanemergeorganically,abroadrangeofstakeholdersoveranextendedbutinpractice,theyaretypicallyinitiatedbythinkperiod(seeBox1).TakingStockofBusinessEffortstoAdapttoClimateChange18BOX1Thepowerofcollaborationtoolsandexpertise,andtracksplansandinvestmentstoachievethepartners’sharedgoalMitigation-drivencoalitionssuchasLeadITofdecarbonization.(theLeadershipGroupforIndustryTransition)canofferusefulexamplesofeffective,focusedAnotherexampleistheMærskMc-Kinneycollaborations.33LaunchedbythegovernmentsofMøllerCenterforZeroCarbonShipping,aSwedenandIndiain2019,andsupportedbythenon-profitresearchanddevelopmentcentreWorldEconomicForum,LeadITisacollaborativefocusedonacceleratingdecarbonizationintheefforttodecarbonizeheavyindustriessuchasmaritimeindustry.34Foundedin2020,itnowsteelandcement.Forasuccessfultransition,has53partnersfrom20countries–traditionalthesesectorsneednotonlynew(andstill-costly)competitorscoalescingaroundasharedneed.technologies,butalsoinfrastructure,financeandSimilarcollaborationsonknowledge-buildingandpoliciesthatcreatealevelplayingfield.LeadIT,innovationcouldbeveryvaluableinsectorsandwhichhasitssecretariatattheStockholmlocationswhereclimaterisksareunderstood,butEnvironmentInstitute,fosterscollaborationthesolutionsarestillemerging.betweenthepublicandprivatesectors,conveneshigh-leveldialogues,providesscience-basedAdaptation-focusedcollaborationscouldbekeycouldcollaboratearoundsharingriskdatainaddressingmanyofthebarriersdiscussedinandjointadaptationsupportforthesuppliers.Chapter3,forthreereasons:Supplierscanprovideinsightsonlocalpractices,traditionaladaptationstrategiesandchallenges–First,companiesinaspecificsectorcouldthatmightarisewithproposedsolutions.Thisworktogether,supportedbythinktanks,tocanhelpreducetheriskofmaladaptation.delvedeeperintoriskstheyhaveidentifiedandfindviableadaptationstrategies.They–Third,bycollaboratingwithpeers,policy-mightalsolaunchjointventurestodevelopmakersandcivilsociety,businessescangainsolutionsthatwouldbetoocostlyforanyoneabroaderperspectiveonsupply-chainriskscompanytoinvestin.Similarly,companiestoachievemoresociallyjustandsustainableoperatinginthesameindustrialpark,orinaresults.AsmentionedinChapter1,companiesregionwheretheyfacesimilarrisks(e.g.floodsarebeginningtostopbuyingfromsuppliersthatordroughts),mightchoosetoinvesttogetherinarehighlyexposedtoclimaterisks35orimposeadaptationmeasurestheycanallbenefitfrom.ariskpremiumiftheycontinuetherelationship.Thatmightmakesenseforthebuyer,butit–Second,collaborationsareessentialincouldbedevastatingforsuppliersandthemanagingclimaterisksacrosssupplychains.peoplewhodependonthem,especiallyifBusinessesneedtoworkwiththeirsupplierstomultiplebuyersmakethesamechoice.identifyandaddressclimaterisks.Otherwise,notonlycouldtheymissimportantrisks,Collaborationscanalsobepivotalinsendingtheespeciallyincomplexsupplychains,buttheysignalthatadaptationisasimportantasmitigation,maynotknowhowbesttoadapt.Companieswhilecreatingaplatformtorecognizeleadershipinthesamesectorthatsharesupplychainsactionbybusinesses.TakingStockofBusinessEffortstoAdapttoClimateChange194.4Engageinstrongerpublic-privatedialogueThecreationAsChapter1noted,fewNationalAdaptationPlansGivenhowadaptationisachallengefacedbyofaneffectivesubmittedtotheUNFCCCarticulateaclearroleforall,withlocal,subnational,national,regionalenablingbusiness.Fewerstillprovideexamplesofapublic-andinternationaldimensions,thecreationofanenvironmentwillprivateprocessfordevelopingtheappropriateeffectiveenablingenvironmentwillrequirenotonlyrequirenotonlyenablingenvironmentforadaptationaction.Yethalfcountry-leveldiscussions,butmoreextensivecountry-leveltherespondentstothesurveyconductedforthispublic-privateandprivate-privatedialoguesatthediscussions,butwhitepaperreportedtheabsenceofaconduciveinternationallevel,bothwithinthecontextofthemoreextensivepolicyandregulatorylandscapeforadaptationParisAgreementandoutside.public-privateandinvestmentsasamajorbarriertoaction.private-privateAkeyconsiderationforgovernmentsinthesedialoguesattheAsclimaterisksaretransboundaryandadaptationisdialoguesistheneedtobalanceincentivizinginternationallevel.aglobalchallenge,itisimperativeforgovernmentsgreaterbusinessactionwiththeneedtoprotecttodevelopacoherentframeworkforadaptationsocietiesfrommaladaptation.GovernmentsshouldgovernanceinthecontextoftheParisAgreementsteerbusinessestowardsjustsolutionsthatbenefitthattakesprivatesectorneedsandopportunitiesnotonlytheirfinancialbottomline,butalsotheirintoaccount.Akeyaspecthereistodevelopoptionsworkers,customersandcommunities.forbusinesseffortstocontributetotheGlobalGoalonAdaptation.36Forthis,clearrulesarenecessarytoThisapproachisincorporatedintheideaofensureaccountabilityandtransparency.“justresilience”.Itrefersto,forexample,policiesandstandardsthatmaybeneededtoprotectFurthermore,beyondforgingspecificcollaborations,vulnerablepeopleandecosystemsfromharmfulgovernmentsneedtoworkwiththeprivatesectortoadaptationstrategiessuchaswater-hoarding.determinetheenablingenvironmentforadaptation.SomegovernmentsmayalsoneedtomandateThisentailsworkingthroughtopicsaround:adaptationmeasures,suchasair-conditioningfactoriesduringextremeheat,orguaranteeing–Definingboundariesofresponsibilitybetweenbreaksforcoolingandhydrationforpeoplebusinessesandgovernmentsonadaptationworkingoutdoorsinthesummer.Internationalorganizationscanplayarolebyfacilitatingtripartite–Showcasingandpilotingthemostappropriatesocialdialogue,withgovernment,labourandareasonwhichbusinessescanfocusemployerrepresentativesaswellasinpublic-privatepartnershipsandinternationalplatforms,to–Devisingpolicyoptionsthatenablethemosthelpbusinessesrecognizeblindspotsandpotentialeffectivebusinessactionandscaling-upacrossunintendedconsequencesoftheiractions.sectorsandgeographiesTakingStockofBusinessEffortstoAdapttoClimateChange20ConclusionandnextstepsAsthenegativeimpactsofclimatechangebecomeeffortgoingintohelpingthemdoso,rangingfrommoreobvious,governmentsarefocusinggreatertechstart-upsfocusedonclimateriskanalysistoattentionontheissue.Indeed,theUNFCCC’sinternationalcollaborationprogrammes.WhatislessTechnicaldialogueofthefirstglobalstocktake.frequentlydiscussedistheroleofgovernmentsandSynthesisreportbytheco-facilitatorsonthetheinternationalcommunityinencouragingbusinesstechnicaldialoguestatesthatthereis“increasingactiononadaptation.ambitioninplansandcommitmentsforadaptationactionandsupport.”37ThefindingsfromthesurveysuggestthatagoodplacetostartwouldbebyhelpingbusinessestoAsgovernmentsfocusmoreonadaptation,theyareidentifyopportunitiespresentedbyclimaterisks.developingexpectationsthatbusinessesshouldalsoAmongthebusinessesparticipatinginthesurvey,domore.TheseexpectationsarestartingtoemergesignificantlymoreareinvestingindevelopinginNationalAdaptationPlansorstatementsfromtheopportunitiesrelatedtoadaptationthanmitigatinginternationalcommunity,asoutlinedinChapter1.theirownphysicalclimate-relatedrisks(overhalfcomparedtoaboutonethird).Businessesarenotnecessarilyactinginwaysthatalignwiththeseexpectations.ThisismostobviousWithintherealmsofbothriskandopportunity,thereintheareaofclimaterisk,wheregovernmentsisroomforgreaterpublic-privatecollaboration.speakof“sharedresponsibility”yettheForum’sAreaswherethisisneededincludeclimatesurveyforthisreportfoundthat,ofthe80%ofinformationandmodelling,managingsharedbusinessesthatassessedclimaterisks,morethanrisksalongsupplychainsanddevelopingsharedhalfsaidtheydidnotfindanythataresignificant.solutions.Beyondthesecollaborations,greaterpublic-privatedialogueisneededtoshapetheBusinessesfaceanumberofbarrierstoactiononenablingenvironmentforbusinessactiononadaptation,includingdataandmodellingavailability,adaptation,atbothcountryandinternationallevels.in-houseexpertise,andabeliefthatrisktransfermechanismssuchasinsurancewillbeabletoTheWorldEconomicForum,workinginhelpcopewithanyadverseimpacts.Thesearecollaborationwithbusinesses,governmentsnotissuesthatbusinessesarenecessarilyableandinternationalorganizations,looksforwardtotoovercomeontheirown.Thereisconsiderableconveningsuchdialoguesin2024.TakingStockofBusinessEffortstoAdapttoClimateChange21AppendixTheWorldEconomicForum’sbusinessadaptation5.Bankingandcapitalmarketsstocktakesurveycovered30globalbusinesses.6.ChemicalsandadvancedmaterialsEachoneislistedontheForbesGlobal2000,7.Energytechnologiesandthetotalityrepresentsabroadindustryand8.Engineeringandconstructiongeographicdistribution.Themarketvalueofthe9.Informationandcommunicationtechnologyselectedcompaniesaddsuptoapproximately10.Institutionalandprivateinvestors$5.5trillionin2023,withrevenuestotallingabout11.Insuranceandassetmanagement$1.8trillion.Thesecompanieshaveafootprinton12.Logisticsandtransportsixcontinents–Africa,Asia,NorthAmerica,South13.MiningandmetalsAmerica,EuropeandAustralia.14.Oilandgas15.Retail,consumergoodsandlifestyleThesectorscoveredbycompaniesrespondingtothesurveyinclude:1.Advancedmanufacturing2.Agriculture,foodandbeverage3.Automotiveandnewmobility4.AviationandaerospaceTakingStockofBusinessEffortstoAdapttoClimateChange22ContributorsStockholmEnvironmentInstitute(SEI)WorldEconomicForumMarionDavisPeerMMunaConsultantProjectFellowEricWhiteKatyHarrisHead,SystemsAdaptationSeniorPolicyFellowPwCRichardKleinSeniorResearchFellowRachelBridgeSeniorManager,PwCUKMikaelAllanMikaelssonEmmaCoxPolicyFellowGlobalClimateLeader,Partner,PwCUKMadhuraMitraProductionExecutiveDirector,PwCIndiaClaireMonkhouseLaurenceDenmarkSeniorManager,PwCUKCreativeDirector,StudioMikoAndreaPlasschaertDirector,PwCSwitzerlandJamesTurnerAshokVarmaDesigner,StudioMikoPartner,PwCIndiaJonathanWalterEditorTakingStockofBusinessEffortstoAdapttoClimateChange23Endnotes1.By11September2023,theUnitedStatesalonehadexperienced23climate-andweather-relateddisasterswithdamagesexceeding$1billion–upfrom18inallof2022.Source:NationalCentersforEnvironmentalInformation,Billion-DollarWeatherandClimateDisasters,2023,https://www.ncei.noaa.gov/access/billions/.2.WorldMeteorologicalOrganization(WMO),WMOAtlasofMortalityandEconomicLossesfromWeather,ClimateandWaterExtremes(1970–2019),2021,https://library.wmo.int/doc_num.php?explnum_id=10989.3.Lloyds,Lloyd’snewdatatoolhighlightsvulnerabilityoftheglobaleconomytoextremeweather,11October2023,https://www.lloyds.com/about-lloyds/media-centre/press-releases/lloyds-new-data-tool-highlights-vulnerability-of-the-global-economy-to-extreme-weather.4.InternationalLabourOrganization,Workingonawarmerplanet:Theimpactofheatstressonlabourproductivityanddecentwork,2019,https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/---publ/documents/publication/wcms_711919.pdf.5.ClimateTransparency,ClimateTransparencyReport:ComparingG20ClimateAction–India2022,https://www.climate-transparency.org/wp-content/uploads/2022/10/CT2022-India-Web.pdf.6.FirstStreetFoundation,The4thNationalRiskAssessment–ClimbingCommercialClosures,13December2021,https://assets.firststreet.org/uploads/2021/11/The-4th-National-Risk-Assessment-Climbing-Commercial-Closures.pdf.7.FoodandAgricultureOrganizationoftheUnitedNations(FAO),Theimpactofclimatevariabilityandextremesonagricultureandfoodsecurity:Ananalysisoftheevidenceandcasestudies,2020,https://www.fao.org/3/cb2415en/cb2415en.pdf.8.SuneeraTandon,Unstableweatherpatternsupendcos’best-laidplans,MintPremium,30May2023,https://www.livemint.com/companies/news/unstable-weather-patterns-upend-cos-best-laid-plans-11685467961516.html.9.WorldEconomicForum,Droughtsarecreatingnewsupplychainproblems.Thisiswhatyouneedtoknow,25October2023,https://www.weforum.org/agenda/2022/11/drought-trade-rivers-supply-chain/.10.TheWhiteHouse,Washington,PREPAREActionPlan,September2022,https://www.whitehouse.gov/wp-content/uploads/2022/09/PREPARE-Action-Plan.pdf.11.ReviewoftheNationalAdaptationPlanssubmittedtotheUNFCCCconductedbytheauthorsofthispaper.12.TheWorldBankGroupandtheGlobalFacilityforDisasterReductionandRecovery,EnablingPrivateInvestmentInClimateAdaptation&Resilience:CurrentStatus,BarrierstoInvestmentandBlueprintforAction,2021,https://openknowledge.worldbank.org/server/api/core/bitstreams/127de8c7-d367-59ac-9e54-27ee52c744aa/content.13.RoyalGovernmentofBhutan,NationalAdaptationPlan(NAP)oftheKingdomofBhutan,2023,https://unfccc.int/sites/default/files/resource/NAP-Bhutan-2023.pdf.14.GovernmentofthePeople’sRepublicofBangladesh,MinistryofEnvironment,ForestandClimateChange,NationalAdaptationPlanofBangladesh(2023-2030),GovernmentofBangladesh,October2022,https://www4.unfccc.int/sites/SubmissionsStaging/Documents/202211020942---National%20Adaptation%20Plan%20of%20Bangladesh%20(2023-2050).pdf.15.WorldAdaptationScienceProgramme(WASP),Transboundaryclimateriskandadaptation,https://wasp-adaptation.org/images/Resources/WASP_Science_for_Adaptation_Policy_Brief_No._2.pdf.16.GovernmentoftheUnitedKingdom,ThirdNationalAdaptationProgramme(NAP3),17July2023,https://www.gov.uk/government/publications/third-national-adaptation-programme-nap3.17.S&PGlobal,Adaptationplanningisthenextstepforcompaniestoprepareforclimaterisk,21February2023,https://www.spglobal.com/esg/insights/adaptation-planning-is-the-next-step-for-companies-to-prepare-for-climate-risk.18.Basedoninterviewsandconsultations.19.WorldEconomicForum,AcceleratingBusinessActiononClimateChangeAdaptation,January2023,https://www3.weforum.org/docs/WEF_Climate_Change_Adaptation_2023.pdf.20.Anadaptationthatincreasesratherthanreducesvulnerability.21.Pankratz,N.andSchiller,C.,ClimateChangeandAdaptationinGlobalSupply-ChainNetworks,FederalReserveBoard,Washington,D.C.,2022,https://www.federalreserve.gov/econres/feds/files/2022056pap.pdf.22.UnitedNationsFrameworkConventiononClimateChange,ClimateChampions,COP27PresidencylaunchesAdaptationAgendatobuildclimateresiliencefor4billionby2030,8November2022,https://climatechampions.unfccc.int/cop27-presidency-announces-ambitous-climate-resilience-agenda/.23.BasedonthereviewofpubliclyavailableTCFDreportsofthecompanieswhoparticipatedinthesurvey.24.TaskForceonClimate-relatedFinancialDisclosures:2023StatusReport,October2023,https://assets.bbhub.io/company/sites/60/2023/09/2023-Status-Report.pdf.25.TaskForceonClimate-relatedFinancialDisclosures:2023StatusReport,October2023,https://assets.bbhub.io/company/sites/60/2023/09/2023-Status-Report.pdf.TakingStockofBusinessEffortstoAdapttoClimateChange2426.CDP,CDPClimateChange2023Question-levelGuidance,C2.1,2023,https://guidance.cdp.net/en/guidance?cid=C2.1&ctype=ExternalRef&idtype=RecordExternalRef&incchild=1&microsite=1&otype=ORS&page=2&tags=.27.NetworkforGreeningtheFinancialSystem,TechnicalDocument,Guidetoclimatescenarioanalysisforcentralbanksandsupervisors,June2020,https://www.ngfs.net/sites/default/files/medias/documents/ngfs_guide_scenario_analysis_final.pdf.28.Traditionally,abusinessevaluaterisksusingtheconceptofmaterialitywhichisoftendefinedinternallyandinformedbythebusiness’riskappetiteandtolerance.Tocheckmateriality,athresholdvalue(e.g.0.5%oftotalassets,1%ofshareholders’equity,or1%oftotalrevenue)isestablished.Iftheestimatedimpactsofariskgoabovethisthreshold,thenitisidentifiedasamaterialriskwithpotentialtocausestrategicandfinancialimpacttothebusinessandwillthereforeaffectfinancialdecision-making.29.Basedoninterviewsandconsultations.30.TaskForceonClimate-relatedFinancialDisclosures:2023StatusReport,October2023,https://assets.bbhub.io/company/sites/60/2023/09/2023-Status-Report.pdf.31.UnitedNationsGlobalCompact,JustTransitionforClimateAdaptation:ABusinessBrief,2022,https://unglobalcompact.org/library/6099.32.EuropeanParliament,Directorate-GeneralforExternalPoliciesoftheUnion,PostCovid-19valuechains:optionsforreshoringproductionbacktoEuropeinaglobalisedeconomy,March2021,https://www.europarl.europa.eu/RegData/etudes/STUD/2021/653626/EXPO_STU(2021)653626_EN.pdf.33.LeadershipGroupforIndustryTransition(LeadIT),https://www.industrytransition.org.34.MærskMc-KinneyMøllerCenterforZeroCarbonShipping,https://www.zerocarbonshipping.com.35.Pankratz,N.andSchiller,C.,ClimateChangeandAdaptationinGlobalSupply-ChainNetworks,FederalReserveBoard,Washington,D.C.,2022,https://www.federalreserve.gov/econres/feds/files/2022056pap.pdf.36.StockholmEnvironmentInstitute(SEI),FivebigideastomaketheGlobalGoalonAdaptationliveuptoitsname,10December2020,https://www.sei.org/perspectives/five-big-ideas-global-goal-on-adaptation/.37.UnitedNationsFrameworkConventiononClimateChange(UNFCCC),Technicaldialogueofthefirstglobalstocktake.Synthesisreportbytheco-facilitatorsonthetechnicaldialogue,8September2023,https://unfccc.int/documents/631600.TakingStockofBusinessEffortstoAdapttoClimateChange25TheWorldEconomicForum,committedtoimprovingthestateoftheworld,istheInternationalOrganizationforPublic-PrivateCooperation.TheForumengagestheforemostpolitical,businessandotherleadersofsocietytoshapeglobal,regionalandindustryagendas.WorldEconomicForum91–93routedelaCapiteCH-1223Cologny/GenevaSwitzerlandTel.:+41(0)228691212Fax:+41(0)227862744contact@weforum.orgwww.weforum.org

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