Fifty managers, academics and policy-makers shared the insight of five expert speakers at NBS' Knowledge Forum on Business Adaptation to Climate Change. The purpose of the forum was to bring the communities of research and practice together to engage in a conversation on business adaptation to climate change. A few themes emerged from the presentations and discussions throughout the day.
- Company practices, government policies and academic research are focused largely on mitigation and not adaptation.
- To adapt to climate change, managers should conduct a vulnerability risk assessment across the supply chain to consider potential impacts, origins and timelines.
- It is equally important to select a strategy and focus on either innovation or compensation.
- There is a need for more robust knowledge to base business and policy decisions.
Many participants noted there is a role for academics and governments to make available such data so that managers can make better informed business decisions. To that end, NBS commissioned David Nitkin, president of EthicScan, to review the gamut of academic and practitioner literature examining business adaptation to climate change.