High-Level Week
16:30 - 18:00
| Event title | Using public finance to catalyse private investment in adaptation |
|---|---|
| Contents | The annual global costs of adaptation are estimated to be as high as US$ 500 billion per year by 2050. These costs are unlikely to be met by public sources. It is often proposed that this gap should be met by the private sector. However, both the current level of private sector action on adaptation and the actions needed to increase that level are poorly understood. This meeting will address questions such as:
The meeting will take the form of a moderated panel discussion. There will be 5-6 panel members and the moderator will initially pose prepared questions to each panelist. This will be followed by follow-up questions and open discussion together with questions from the audience. |
| Keywords | Private sector、Adaptation、Investment |
| Speakers Name and Title | Panelist;
Moderator;
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| Organiser / Co-organiser |
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Final Programme
Opening Remarks
Hiroshi Ono, Deputy Director-General, Global Environment Affairs Ministry of the Environment, Japan
Chair
- Prof. Masa Watanabe, Chair, Global Adaptation Network Steering Committee
Panelists
- Matthias Berninger. Corporate Staff Officer for Public Affairs, Mars Incorporated
- John Firth, CEO of Acclimatise
- Jay Koh, Chair, Global Adaptation Investment and Resilience Working Group
- Anne Olhoff, Danish Technical University and author of Adaptation Gap reports
- Helena McLeod, Director, Climate Change and Renewable Energy – International Development Assistance Services, KPMG Africa
Session Summary
Hiroshi Ono described the MOEJ support to the development of AP PLAT, and MOEJ’s ongoing support to GAN and to APAN.
Anne Olhoff outlined the concept of the Adaptation Gap with a special focus on the Adaptation Finance Gap. She noted that the adaptation finance gap may be as high as US$ 300 billion per yearin 2030 and US$ 500 billion by 2050.
Jay Koh noted the importance of having metrics to measure the physical climate risk that private sector companies face. He described the launch of the first private sector fund devoted to investment in the adaptation and resilience. This has been developed in collaboration with Conservation International and with the support of the Global Environment Facility and the Nordic Development Fund.
John Firth noted that some parts of the private sector (such as the water industry) have been investing in adaptation for many years. Nevertheless, they often did not call this investment in ‘adaptation’. Instead it was referred to as resilience, risk reduction, supply chain management or other terms.
Helena McLeod described some of the particular challenges for the private sector in Africa, and described the potential role of the Africa Adaptation Fund in using public sector finance to catalyse Helena private sector investment in adaptation.
Matthias Berninger emphasized that Mars was a largely family-owned firm with a generational perspective. For this reason, it had a strong interest in ensuring that its supply chains were resilient to climate change.
Key Messages
- The private sector has a very important role play in helping to close the ‘Adaptation Gap’
- Private sector investment in adaptation can be catalyzed by public finance, and by the public sector providing the appropriate regulatory cotext
- It is vital to develop a common metric for measuring physical climate risk
- The Global Adaptation Network can play an important role in raising awareness about the importance of the private sector in climate adaptation and in addressing the issue of metrics.
Name and organisation of the person(s) who prepared the summary
Barney Dickson（GAN Secretariat and UN Environment）
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