Climate Resilience Pathways: Catalyzing Private Sector Action

Amy Bailey, Verena Radulovic, Shazre Quamber-Hill, Kerem Yilmaz
Posted on: 5/20/2024 - Updated on: 5/20/2024

Posted by

CAKE Team

Published

Abstract

Businesses’ ability to adapt to climate change is a strategic imperative. Yet, despite the growing need to manage and respond to climate risks, a staggering 80% of companies lack a comprehensive plan for climate adaptation. This gap is a call to action—businesses must mobilize their considerable influence, resources, and partnerships to forge a resilient future.

The drive for decarbonization has demonstrated the private sector’s power to coalesce around best practices, attract investment, and shape policy. There is an urgent need for similar dynamism to accelerate climate resilience. The lack of a unifying language and framework for corporate climate action is a missed opportunity—without a collective approach, we leave the true potential of the private sector untapped, the economy’s resilience vulnerable, and vital resources underutilized.

To address this time-critical gap between opportunity and risk, Resilience Rising and its consortium partner Resilience First, in partnership with C2ES, jointly engaged with senior leaders from over 45 organizations in a series of virtual and in-person meetings over the course of 2023. These sessions brought together sustainability and climate change experts from across all major economic sectors, representing a combined annual revenue of more than $2.1 trillion USD, to dissect evolving climate challenges and the essential role of businesses in fostering societal resilience to climate and compounding impacts. The collaborative insights gathered from these discussions, alongside the latest research and expert analysis, informed the development of this position paper and the working “Principles for Corporate Leadership on Climate Resilience.”

In this report, we detail the key findings from our consultations–the case for private sector action, the drivers of and barriers to accelerating investment, and a first look at the pioneering principles to guide corporate leadership for on resilience. Together with this accompanying position paper, the working Principles set the foundation for defining a new narrative for the private sector—one that underscores the necessity of robust resilience measures and establishes a community of practice committed to fostering a resilient, inclusive, and thriving global economy.

Citation

Bailey, A., Radulovic, V., Quamber-Hill, S., Yilmaz, K. (2023). Climate Resilience Pathways: Catalyzing Private Sector Action. Center for Climate and Energy Solutions (C2ES).

Affiliated Organizations

Resilience First, Resilience Rising

Affiliated Organizations

The Center for Climate and Energy Solutions (C2ES) works to secure a safe and stable climate by accelerating the global transition to net-zero greenhouse gas emissions and a thriving, just, and resilient economy. C2ES is the successor to the Pew Center on Global Climate Change, long recognized in the United States and abroad as an influential and pragmatic voice on climate issues. Our mission is to secure a safe and stable climate by accelerating the global transition to net-zero greenhouse gas emissions and a thriving, just, and resilient economy.

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