The acceleration, complexity, and scale of climate change events are likely to have a devastating impact on global development, stability, and prosperity.
A joint report published by the World Government Summit Organization (WGS) and consultancy firm PricewaterhouseCoopers (PwC) said this.
The document calls for building climate-resilient pathways to achieve equitable development, while meeting current and emerging human needs, based on activating partnerships between government and the private sector.
It explains that private sector participation will be critical in financing climate action, and calls on the private sector to participate in boosting climate resilience using local capabilities.
The report is entitled ‘Partnership to Promote Climate Action – Collaboration with the Private Sector’.
It stresses that the financing of risk mitigation not only helps governments prevent loss of life, but also ensures that people are prepared and safe during climate events.
The report noted that preventive measures and evacuation protocols also build trust between governments and vulnerable communities.
“The cost of managing rehabilitation and needs of societies affected by climate change will deplete resources, infrastructure, and social security budgets and governments may have to share the in-cash and in-kind capital costs through cooperation in several areas,” said the report.
The report said that the climate state is rapidly aggravating poverty and instability, and is likely to amplify the economic burden on governments struggling to manage COVID-19 and ever-increasing humanitarian needs.
“In the context of the current recovery from the pandemic, governments should integrate climate change adaptation and mitigation strategies into decision-making and policy frameworks that address recovery and resilience”, said report.
“Integration will secure governments and advance the global vision of sustainable development by indirectly reducing vulnerability and poverty, while building partnerships to protect our collective future,” the report added.
The document also recommends facilitating cross-border cooperation to address climate change challenges related to displaced populations and complex or widespread humanitarian needs.
This includes tracking organized cross-border movements of people during climate change events, including the movement of skilled volunteers, humanitarian agencies, and private sector entities.
It would improve the quality of response and create organized safe areas protected by buffer zones.