Organization: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH
Date: Tuesday, May 15, 11:30am – 1:00pm
Room: Auditorio Bernardo Quintana
Extreme weather and slow onset events related to climate change pose not only a direct threat to individuals and communities, but also to the private sector, and therefore consequently put economic growth and livelihoods at stake. Especially countries with a high-risk profile need comprehensive climate risk assessments and smart management options to address these challenges as an essential part of routine risk management of enterprises and business continuity management. Especially SME have to be aware of the adverse impacts and of loss and damage due to climate change as a critical factor affecting their business success. However, only a few risk reduction, adaptation measures and risk transfer mechanisms (e.g. climate insurances) are widely known, recognized or applied. Businesses often are often not aware how to reduce risk or how to identify the right investments for adaption since identifying and interpreting the risks related to climate change remains a challenge. Against this background, SMEs need to make risk-informed investment decisions and implement measures to secure business continuity during emergencies and adaptation to changing climatic conditions. Crucial economic sectors, e.g. fisheries, require special attention, as businesses could be increasingly exposed to the impacts of climate change due to their location in hazard-prone area, like coastal zones. This session therefore aims to sharpen the efforts of private companies and business networks in disaster risk reduction and climate change adaptation. It will show how to advice the private sector in reducing and managing loss and damage and showcase existing initiatives to increase business capacity and knowledge as well as strengthen business resilience to respond to risks, e.g. by using risk transfer mechanisms such as climate risk insurances. The session will furthermore examine opportunities to overcome existing challenges and gaps by strengthening, replicating and scaling-up networks for disaster risk reduction, and supporting initiatives for climate change adaptation in high priority regions, countries and sectors.