UNDP has announced a compact with eight private sector partners to address gaps in data and knowledge on the projected climate impacts on key sectors and on the likely rate of return on investment in climate resilience.
The initiative will focus on three areas for collaboration: increasing the availability of climate information and advisory services; advancing the generation, collection and analysis of data for decision making; and raising awareness to scale up adoption of initiatives around climate action.
5 November 2018: The UN Development Programme (UNDP) has initiated a compact with eight private sector partners in Asia to collaborate on the production, analysis, dissemination and use of “climate intelligence.” The initiative aims to scale up climate action by supporting more informed investment decisions, increasing returns on investment and enhancing sustainable development.
According to UNDP, a shortage of reliable data and knowledge on the projected climate impacts on key sectors and on the likely rate of return on investment in climate resilience can hinder climate investment decisions within the private sector. In particular, micro, small and medium-sized enterprises (MSMEs) tend to lack such information. Chami Akmeemana, CEO of Blockscale Solutions, one of the partners in the compact, explained that data and general research do “not incentivize the private sector to make the significant investments needed for various resiliency initiatives.” He said the new initiative with UNDP will enable partners to “curate and package insights that are more meaningful and actionable,” providing a “clearer platform for the private sector to make informed and impactful decisions.”
UNDP announced the compact at the regional Responsible Business Forum in Singapore. Blockscale Solutions, City Developments Limited, PhilanthropyWorks, SCOR, Singtel, Swiss Re, the Weather Company and Yeti Airlines pledged their support to the compact. At the Forum, compact partners discussed three areas for collaboration: increasing the availability of climate information and advisory services; advancing the generation, collection and analysis of data for decision making; and raising awareness to scale up adoption of initiatives around climate action.
UNDP will work with compact partners to establish concrete entry points for collaboration over the next few months. UNDP Head of Climate Change Adaptation Pradeep Kurukulasuriya explained there are “many entry points for private sector involvement in the climate information services value chain.”
In an opening address at the Responsible Business Forum, UNDP Administrator Achim Steiner underscored the importance of private sector partnerships in achieving the SDGs, saying that “without the private sector, the SDGs seem unattainable.” Steiner also highlighted the business case for private sector investment in the SDGs. The two-day Forum explored and developed partnerships to tackle sustainable development challenges and support the 2030 Agenda for Sustainable Development, among other aims. [UNDP Press Release] [UNDP Administrator Statement]