The private sector brings unique expertise and competencies in developing technologies, products, and services that drive adaptation. However, the global stocktake of evidence on climate change adaptation highlights a general lack of insight into specific private sector responses to climate change. Integrating private sector experience and insights with institutional and public responses is thus essential to better understand and accelerate overall progress on climate change adaptation. In addition, there is significant untapped potential for private sector contributions to adaptation finance, with current estimates suggesting that only 2% of tracked adaptation funding comes from the private sector.

The inaugural meeting of the Hard Talk Adaptation series underscored the need for multistakeholder and cross-sectoral collaboration, in which the private sector undoubtedly plays an integral role. Similarly, the first dialogue in Nairobi substantiated the private sector’s role as a driver of innovation for adaptation.

Building on the insights of previous events in the series, this dialogue explores private sector approaches to managing climate risk and adapting to impacts. Considering these approaches against the backdrop of potential global temperature rise of 2.6 °C or more, the dialogue aims to identify enabling factors for effective climate risk management in the private sector. It also explores how to leverage private sector skills, competencies, and services to support broader societal resilience. Participants will discuss how to translate knowledge of climate risks into adaptation action as well as the enabling conditions that drive private sector adaptation, including finance, regulation, partnerships. This dialogue further aims to highlight critical areas in which the international community can offer support. By bridging the gap between business continuity and public resilience, this dialogue generates actionable insights that can strengthen both private and public sector responses to climate change.