NDF and MIF join in activities focusing on the challenges and opportunities of private sector climate resilience
The project was launched in a conference earlier this week in Cartagena, Colombia
Successful businesses must interpret the early signs of climate risk, build organisational leadership and invest in effective solutions. Many private businesses already lead in several sectors when it comes to resilience solutions, and financing for private sector opportunities is provided through many climate finance facilities. Yet, much of what the private sector does, is either not known or hidden and thus not reaching the policy makers. Private solutions can protect many types of assets, properties and businesses as well as create new business opportunities. Climate solutions developed in the private sector can be achieved at scale in the new global situation with increasing climate variability. It is important to study how this market can be more systematically constructed and supported globally.
NDF and the Multilateral Investment Fund (MIF) have previously partnered in the ProAdapt program that focuses on private sector and adaptation opportunities. In order to further strengthen the focus of the program, the two institutions recently joined forces in the Climate Resilience Markets Project. The project was launched in Cartagena, Colombia, this week in a conference focusing on private sector opportunities for climate change adaptation. The project will develop a methodology to assess the climate resilience market that highlights innovative resilience solutions in the private sector. “The assessment is expected to inform and encourage investment, leverage public-private partnerships and target strategies to build the markets around climate resilience across the world,” says Leena Klossner, Vice President and Deputy Managing Director of NDF. She also stated that NDF’s value add will become concretely visible in the project through NDF’s contribution to expand the project to Latin America and the Caribbean, Africa and Asia simultaneously. Furthermore, Ms Klossner pointed out that the results expected from the market study will be highly relevant for the Nordic countries as well in terms of their climate targets and business interests related to climate resilience.
The conference in Cartagena was co-hosted by the IDB, the MIF and NDF. It brought together over 200 investors, private sector, government and development bank representatives.
