The OECD presented emerging findings from work on “Enabling private sector engagement: What role for development co-operation providers?”. The side event facilitated a discussion on good practice examples in broadening private sector engagement for adaptation, and challenges remaining.

The adoption of the Paris Agreement has put adaptation firmly on the global agenda. Delivering on the global goal on adaptation requires a complex set of policies, capacities and financing by a wide range of actors. The private sector has a unique capacity to innovate and produce new solutions for adaptation, in addition to its financial leverage. The event presented and discussed emerging insights of OECD work on efforts of development co-operation providers to promote private actors as agents of adaptation action. It explored promising approaches in broadening private sector engagement for adaptation, and challenges remaining. The following questions where addressed in the discussion: What is the role of the private sector in addressing adaptation needs and priorities of developing countries? What can development co-operation providers and development finance institutions do to stimulate private sector engagement for adaptation? What are opportunities and emerging good practice examples for private sector engagement for adaptation? What are the main barriers on private sector engagement for adaptation, and what are the current frontiers that we need to collectively address?

Development co-operation providers and developing country representatives provided strong support for upcoming OECD work on “Enabling private sector engagement: What role for development co-operation providers?”. Private enterprises are already facing vulnerabilities linked to the changing climate, and have started to engage in measures to reduce these vulnerabilities. More information and evidence is needed on how development co-operation providers can support these efforts. Engagement of private enterprises in developing countries is needed not as a vehicle for development co-operation but in order to increase local adaptive capacity. This will also help to scale up resources for adaptation.