Chapter 7

Adapt

  1. Introduction
  2. Step 1: Establish a continuous process for climate risk analysis
  3. Step 2: Formulate adaptation goal, and prioritize and implement adaptation pathways
    1. Get started: Establish a clear organizational ambition and goal(s) for adaptation
    2. Create an adaptation plan and identify and prioritize adaptation pathways
    3. Leverage opportunities from adaptation efforts
    4. Implement identified adaptation actions
  4. Step 3: Continuously re-evaluate the performance of adaptation options
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Get started: Establish a clear organizational ambition and goal(s) for adaptation

As next steps, it is important to set clear organizational goals based on a climate risk analysis, to create an adaptation plan, to identify and prioritize adaptation pathways, and to leverage opportunities from adaptation efforts.

To establish a clear organizational ambition and goal(s) for adaptation based on risk analysis, businesses must first conduct a thorough assessment of potential physical risks and their implications. This involves utilizing geo-spatial and climate scenario data to understand the specific vulnerabilities and threats faced by the organization. While an adaptation ambition serves as the “north star” for the business in their adaptation journey, the adaptation goal serves as a concrete operationalization that is measurable. It is important to noate that a business can have several adaptation goals. In addition, businesses should perform an assessment of opportunities that can arise from implementing adaptation solutions and the respective cost savings or additional revenues. as stated by the World Economic Forum, there is even a threefold business case for adaptation that not only enables companies to avoid economic losses, but also to increase revenues and save costs by capitalizing on opportunities as well as to gain from mutually beneficial outcomes by contributing to protecting communities and ecosystems. By engaging relevant stakeholders and business units in the processes of risk and opportunity analysis, companies can ensure that the adaptation goals are comprehensive and aligned with the overall business strategy. The goal should be to minimize risks while maximizing opportunities for resilience, ensuring that the organization is well-prepared for future climate impacts.