Private Markets for Climate Resilience (PMCR) is the first initiative by a development institution to better understand climate resilience solutions provided by the private sector.
The PMCR Global Report, together with the Resilience Solutions Factsheets, aims to reach several stakeholder groups, including international development organisations and donors, private sector associations, policymakers, academic institutions, and private sector actors in agriculture and the transport sectors, among others. The report builds on the findings of national reports produced by the country teams as well as resilience dialogues held in each country. It has a specialised analysis of resilience solutions in both the transport and agricultural sectors.
A central finding of the PMCR study is that engaged private-sector stakeholders are well aware of how weather and extremes impact operations. The PMCR study also found that the private sector is already providing many solutions, but just not referring to them as ‘climate change adaptation’. Practical and, in many cases, cost-effective climate resilience solutions are already in place. A general lack of awareness of the business case for resilience, combined with the relatively high cost of doing business for smaller companies, was apparent.
Climate resilience requires markets to take a more system-wide and forward-looking perspective. Effective long-term adaptation to climate change will require extensive stakeholder engagement, higher levels of expertise and prioritisation of proven resilience products and solutions to facilitate investment and move beyond project-based adaptation towards a more integrated systemic approach. Clearly, radical strategies will be needed to transform key economic systems to be more resilient and productive in the face of a changing climate.