Accelerating business action on climate change adaptation

With the impacts of climate change becoming more frequent and intense, the need for businesses to manage these risks and understand the opportunities for collaboration has never been more important.

We are collaborating with the World Economic Forum to support businesses to develop their approach to climate adaptation and to take stock of business efforts to adapt.

While mitigation — the reduction or prevention of greenhouse gas emissions — has been a key focus for businesses in addressing climate change, planning for climate adaptation — efforts to reduce the negative impacts of climate change and leverage the opportunities — remains a challenge for many. 

Climate change adaptation is a business imperative to avoid economic losses resulting from climate change; to innovate new ways to create revenue growth, cost savings and sustainability; and to protect local communities and ecosystems where companies operate.

In a report with the World Economic Forum, we outlined a framework that businesses can use to develop their approach to climate adaptation.

Our framework includes three pillars that business should focus on to drive their climate adaptation strategy:

  • Enhance resilience: Assess the impacts of climate risks on business and act to adapt and build resilience, especially by working with suppliers and communities connected to the value chain to enhance business resilience.
  • Capitalise on opportunities: Leverage products, services and business models that help businesses, communities and ecosystems adapt and build resilience while also pursuing adaptation opportunities that contribute to efficiency, sustainability and climate change mitigation.
  • Shape collaborative outcomes: Participate in multi-stakeholder efforts that promote action on climate change adaptation and deliver transformative projects to build community and ecosystem resilience.

Framework for business action on adaptation

WEF chart

Taking Stock of Business Efforts to Adapt to Climate Change

In a follow up report, we take stock of business efforts to adapt to climate change. The research finds that businesses are doing more for adaptation than is acknowledged, but also less than they could. The barriers companies face to doing more are addressable, but this requires working in concert with the public sector and civil society to enable efforts that can be scaled up and sustained. 

Learn more about how businesses are adapting to climate change and how this action can be accelerated by reading our report below.

Download the white paper

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Emma Cox

Emma Cox

Global Climate Leader, Partner, PwC United Kingdom

Tel: +44 (0)7973 317011

Madhura Mitra

Madhura Mitra

Director, PwC India

Tel: +91 98306 32388

Andrea Plasschaert

Andrea Plasschaert

Global Corporate Affairs and Communications, Director, PwC Switzerland

Tel: +41 79 599 9567