Adaptation Action Coalition (Completed)
Health Workstream
Building global resilience through resilient infrastructure and integrating climate risk into investment decisions.
Infrastructure is critical for climate adaptation and resilience
The climate is changing, with increasing extreme weather events and record temperatures posing risks to the global economy, civil society and investors. The changing climate can no longer be viewed as a distant problem and must be factored into climate adaptation for global resilience.
However, the lack of a global standard for climate resilient infrastructure means that physical climate risks are too often overlooked in the design and valuation of infrastructure assets, jeopardizing the success of climate adaptation planning. We need a greater understanding of evolving climate hazards, to mainstream them in investment decisions and build global resilience.
Infrastructure initiatives to deliver a climate resilient world
The AAC Infrastructure Workstream, led by the Coalition for Climate Resilient Investment (CCRI), highlighted the importance of enhancing asset resilience to physical climate risks, to reduce the consequences of climate change on society and improve global adaptation. By properly pricing climate risk in financial decision-making, investors could be encouraged to build infrastructure that is more capable of withstanding the impacts of climate change.
CCRI develops the practical tools needed to integrate physical climate risks in investment decision-making. Through resources such as the recent Risk and Resilience report, CCRI helps infrastructure stakeholders address the mispricing of physical climate risks and build resilience to a changing climate.
CCRI is also focused on building global knowledge, resources, and capacity to encourage the enhanced resilience of infrastructure to physical climate risks. Over 123 members across 21 countries have joined the Coalition, representing $25 trillion in assets.
Infrastructure Champions
Jamaica
Jamaica was the first pilot country to test the effectiveness of the CCRI Systemic Resilience Forum’s deliverables in building national climate resilience. This pilot project used an investment prioritization tool to assess the exposure of various sectors to physical climate risks and recommend investments in climate resilience. The results of this assessment were designed to support the development of a pipeline of climate-resilient projects, including nature-based solutions.
The State of California, USA
In September 2021, CCRI released the ground-breaking report ‘Developing Climate Risk Disclosure Practices for the State of California’, looking at how California can adapt to the growing challenges posed by climate change. The report provides a roadmap for state investment decision-making in the face of climate risks. This framework was designed to support the development of climate risk disclosures that impact decision-making, enabling the state to better manage climate risk.
Partners
- WTW (Willis Towers Watson)
- The Global Centre for Adaptation
- The World Resources Institute
- The World Economic Forum
- UK Government
- State of California
- Coalition for Disaster Resilient Infrastructure (CDRI) (sponsored by the government of India)
Funders:
Countries involved in the workstream:
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Cover image credit: UNDP Climate Flickr