While mitigation (reducing or preventing greenhouse gas emissions) has become a key focus for businesses in addressing climate change, climate adaptation planning, which is an effort to reduce the negative impacts and exploit opportunities of climate change, remains a challenge for many companies.
Adapting to climate change is a business imperative to avoid economic losses due to climate change. Innovate new ways to increase revenue, reduce costs, and create sustainability. Protecting the communities and ecosystems in which companies operate.
In a report with the World Economic Forum, we outlined a framework that businesses can use to develop approaches to climate adaptation.
Our framework includes three pillars that companies should focus on to drive their climate adaptation strategies.
- increase resilience: Assess the impact of climate risks on your business and act to adapt and build resilience, particularly by working with suppliers and communities connected to your value chain to strengthen business resilience. .
- take advantage of opportunities: Leveraging products, services and business models that help businesses, communities and ecosystems adapt and build resilience, while pursuing adaptation opportunities that contribute to efficiency, sustainability and climate change mitigation.
- Shape collaborative results: Participate in multi-stakeholder efforts to accelerate action on climate change adaptation and implement transformative projects to build community and ecosystem resilience.
