Risk, Barriers, Opportunities
Engaging the private sector in climate change adaptation
PARIS - Jean Lebel, President of Canada's International Development Research Centre (IDRC), along with Aron Cramer, President and CEO of Business for Social Responsibility (BSR), announced a joint initiative to help companies protect their businesses and assets from the impacts of climate change.
The two-year research initiative, entitled Mobilizing Private Sector Investment in Adaptation to Climate Change, will outline key gaps in the understanding of longer term adaptation by companies. This includes identifying risks, barriers, and opportunities, and helping to build the business case for taking action on climate change.
Today's announcement took place at the 21st Conference of the Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC), as part of an official side event titled: The private finance gap: Challenges and opportunities in funding adaptation.
This new initiative complements existing work between IDRC and CTI PFAN (Climate Technology Initiative Private Finance Advisory Network) on increasing the supply of viable and scalable adaptation projects, and bridging such initiatives with financing from private sources. Today's announcement brings IDRC's total investment in research on private sector engagement in adaptation to $1.1 million. "Our government understands the important role the private sector has to play in helping the developing world adapt to climate change," said the Honourable Marie-Claude Bibeau, Minister of International Development and La Francophonie. "We will help the poorest and most vulnerable adapt, through evidence-based solutions that promote social and economic development in the process."
"Canada's IDRC is proud to support this initiative with BSR, which will lead to new engagements between the private sector, developing country researchers, and practitioners for adaptation," said Jean Lebel. "The private sector has an important role to play in developing, testing, and rolling out new, innovative solutions."
"We at BSR are delighted to be partnering with IDRC on this crucial initiative. The clear and strong message from COP21 is that collaboration between business, government, and civil society is essential to achieving the ambition we hope to emerge from the summit," said Aron Cramer. "We believe that this initiative will illustrate how finance can support adaptation, and also catalyze new partnerships to create climate resilience where it is most needed."