Why CCRI is supporting the Resilience Hub at COP26
Adaptation to climate risk in developing countries could require as much as $300 billion a year by 2030. Yet, annually less than six percent of climate finance currently flows toward adaptation. Meanwhile, the private sector has not until now been incentivised to fund projects to build resilience.
The most vulnerable regions and populations badly need investment in resilience to begin, in ways most appropriate to their conditions, vulnerabilities and geographies. Dedicated efforts should also be made without delay to avoid capital flight from those regions as protection against climate risks becomes less insurable. And the threat is no longer limited to countries outside the Organization for Economic Co-operation and Development, as evidenced by this summer’s events in Europe and the US.
Though costly, resilience building, has upside potential, including new business opportunities, job creation, reduced vulnerabilities — especially in developing countries, and enhances long-term risk adjusted returns on assets.
For these reasons and more, COP26 is a once-in-a-decade opportunity that we must seize. We must demonstrate on a global stage the collective ambitions of governments and the private sector to build climate change resilience into financial systems that will support the drive to Net Zero. This is why the Coalition for Climate Resilient Investment (CCRI) is supporting the Resilience Hub at COP26 and running a series of events including expert discussions as well as an art exhibition to focus attention on the need for resilience building globally.
The Coalition for Climate Resilient Investment (CCRI) launched in 2019 as a private- sector-led initiative to support a more efficient integration of climate risk in financial decision-making and encourage investment in infrastructure that is more resilient and capable of withstanding the present and future impacts of climate change, even as we strive for net zero by 2050.
The Coalition for Climate Resilient Investment (CCRI) launched in 2019 as a private sector led initiative to support a more efficient integration of climate risk in financial decision making and encourage investment in infrastructure that is more resilient and capable of withstanding the present and future impacts of climate change, even as we strive for net zero by 2050.
At CCRI, we believe our work is so valuable because it demonstrates that private finance can be mobilised at scale to support adaptation and resilience efforts in the most vulnerable countries and that there are concrete business opportunities to turn this existential challenge into a win-win proposition for all.
Our presence at COP26
Our event on November 2, is a ‘talk-show’ style event Integrating Resilience into Investment Decision-making that brings together leading experts in engineering, data analysis, investments, ratings and national policy-making, who have been active in design and development of methodologies for assessing PCRs and integrating them into infrastructure investment decision-making.
In parallel, CCRI’s exhibition Art + Resilience, developed in partnership with the COP26 Presidency, combines art, data and technology to deliver a powerful and timely visual message about climate risk and resilience. The exhibition includes a custom commissioned data sculpture Machine Hallucination – Nature Studies by new media artist Refik Anadol and an interactive augmented reality art ‘trail’. The exhibition will be at The Resilience Hub, Pavilion 70 and other partner pavilions in the blue zone throughout COP26.
Main image: A borehole in Zambia, where climate change impacts are severe. Photo: Mikkel Funder