A Call to Responsible Corporate Adaptation
Reducing greenhouse gas emissions as well as implementing measures to anticipate and adapt to climate impacts are both core components of an effective strategy to cope with climate change. Failing to adapt to climate change poses a significant risk for companies today. In contrast, adaptation offers many benefits to the private sector, such as improving operations and competitiveness; leveraging new business opportunities; building corporate reputation; and protecting value chains.
The importance of strengthening the climate resilience and adaptive capacity of societies is prominently recognized in the 2030 Agenda on Sustainable Development, the Paris Agreement, and the Sendai Framework for Disaster Risk Reduction. Companies can play a key role in advancing these UN agreements in ways that help meet their corporate goals and benefit the communities where they operate (i.e. ‘responsible corporate adaptation’). Particularly in countries most vulnerable to the impact of climate change, business can be a valuable partner to governments and local authorities supporting the design and implementation of national adaptation plans and activities.
To support the UN climate and sustainable development agendas and to promote business resilience to climate change, we call on companies to:
- Implement a comprehensive climate risk assessment to identify how climate change will impact the company through its entire value chain;
- Integrate into core business strategies and operations corporate adaptation goals that also address community risks;
- Engage with policymakers and relevant stakeholders to support national or local adaptation planning and implementation, particularly in the areas where the company or its suppliers operate;
- Disclose climate risk information considered material by the company and communicate annually on the three elements above in public corporate reports.
Companies that align with these four elements will have recognition opportunities at events and web pages of the partners to this initiative, including at the NAZCA platform. This pledge can complement alignment to other adaptation initiatives featured on NAZCA or other platforms.
Partners of this call to responsible corporate adaptation include: UN Global Compact, UNEP, UNFCCC secretariat, UNEP-DTU Partnership, the CEO Water Mandate, the Global Adaptation Initiative at the University of Notre Dame, Oxfam America, the World Resources Institute and the Institute on the Environment, University of Minnesota. Interested organizations are invited to join the partnership.
To indicate alignment with this commitment, please send an email to Caring for Climate.