UN Global Compact, UNEP Release Report on Adapting for a Green Economy
20 June 2011: The UN Environment Programme (UNEP), the UN Global Compact, Oxfam and the World Resources Institute (WRI) have released a study titled “Adapting for a Green Economy: Companies, Communities and Climate Change.” The report makes the business case for private sector adaptation to climate change, including through building the resilience of vulnerable communities in developing countries.
The report draws on the results of a 2010 survey of corporate signatories to the UN Global Compact and the UNEP Caring for Climate initiative, as well as on existing literature. It indicates that 86% of global businesses surveyed described responding to climate risks or investing in adaptation as a business opportunity, and 83% of companies stated that climate change impacts pose a risk to their products and service.
Key recommendations include that businesses integrate climate adaptation into core strategic planning and build a portfolio of climate-resilient goods and services. The study also recommends policy makers: demonstrate policy and finance commitment to adaptation; engage businesses as stakeholders in planning and implementation; stimulate the market for adaptation through financial and risk-reduction incentives; develop policy and regulatory frameworks to guide corporate practices; provide businesses with the information and tools they need to make investments that support climate resilience in vulnerable communities; and consider new forms of public-private partnerships to tackle the most complex challenges to sustainable development and climate resilience. [UNEP Press Release] [Publication: Adapting for a Green Economy: Companies, Communities and Climate Change]