19 July 2017: Climate change impacts pose increasing risks and significant financial challenges, as well as novel opportunities to businesses. This Update features news related to the way the private sector is engaging in climate change adaptation efforts.

The UNFCCC Adaptation Committee (AC) is conducting a survey of private sector adaptation action and needs to identify opportunities and risks businesses face in light of climate change consequences. A recent Inter-American Development Bank (IDB) study explores ways to make business supply chains more climate-resilient and more profitable at the same time.

The AC is calling on all private sector companies, organizations and networks, big and small, from around the globe, to complete a survey of their adaptation efforts. The AC will use the results of the survey to advance private sector engagement in climate change adaptation action. It will also communicate the outcomes back to the participants, so that the private sector can also begin identifying how much adaptation action they are taking. The survey contains 12 questions and is open until 4 August 2017. [UNFCCC AC Call for Private Sector Participation] [UNFCCC AC Survey of Private Sector Adaptation Action and Needs] [AC Webpage]

The IDB PROADAPT programme issued a report titled ‘Supply chain climate risk assessment,’ demonstrating that assessing climate change risks and effects helps businesses to better understand their supply chains and strengthen their resilience, thus giving them a competitive advantage in the market. The study specifically analyzes a dairy supply chain in Mexico.

Launched in 2013 by the IDB in partnership with the Nordic Development Fund (NDF), PROADAPT seeks to improve climate resilience among small and medium-sized enterprises (SMEs) and to foster business opportunities that provide climate resilience solutions, reducing or transferring buyers’ vulnerability to climate risks. [Supply Chain Climate Risk Assessment] [PROADAPT Press Release] [PROADAPT Website]