10 April 2019: Private sector engagement is necessary to ensure the strengthening of climate resilience and the successful implementation of National Adaptation Plans (NAPs), according to a report published by the NAP Global Network. The report titled, ‘Engaging the Private Sector in National Adaptation Planning Processes,’ was launched during NAP Expo 2019 in Songdo, Republic of Korea.

The publication offers guidance on engaging the private sector in the NAP process, including in the design, financing, implementation, and monitoring and evaluation. Although governments will remain the owners and drivers of the NAP process, the report contends that countries must include the private sector in adaptation planning as the private sector will create the jobs to support adaptation, develop products and services for increased climate resilience, and finance adaptation actions.

According to the report, private sector involvement in adaptation actions is necessary for countries to fulfill their adaptation commitments, including sectoral and financial goals, many of which are included in Nationally Determined Contributions (NDCs) and the SDGs, particularly SDG 13 (climate action).

The NAP process, the report highlights, offers a medium- and long-term vision of adaptation action, in alignment with development plans and with a supporting regulatory and policy framework. It can provide all stakeholders, including the private sector, with a stable and predictable roadmap for national adaptation priorities.

The NAP Global Network was established in 2014 to support developing countries in advancing their NAP processes and to help accelerate adaptation efforts around the world. The Secretariat is hosted by the International Institute for Sustainable Development (IISD). [Publication: Engaging the Private Sector in National Adaptation Planning Processes] [Report Landing Page] [NAP Global Network Press Release] [NAP Global Network Website] [SDG Knowledge Hub Story on NAP Expo 2019]