New York, U.S.A., Nov. 23 (Korea Bizwire) — The UN Global Compact today released new guidance for business on how they can adapt to minimize climate change risks and impacts on their operations and supply chains in a just and equitable manner.
Just Transition for Climate Adaptation, developed by the Stockholm Environment Institute with inputs from partners and company participants in the Think Lab on Just Transition, introduces Just Transition and how it links to climate adaptation, and makes recommendations for businesses to achieve a fair and inclusive journey to a net-zero and resilient future.
According to the International Labour Organization, a just transition means greening the economy in a way that is as fair and inclusive as possible to everyone concerned, creating decent work opportunities and leaving no one behind. Climate impacts and risks can have knock-on effects along supply chains, affecting businesses, workers, livelihoods and communities. Companies need to engage in adaptation action that avoids redistributing risk or leaving workers, their communities and downstream suppliers behind.
The brief outlines seven recommendations for business to achieve a just transition for climate adaptation:
- Integrate social and environmental objectives into the business strategy through a social dialogue;
- Build coalitions, including with competitors;
- Improve data collection and sharing;
- Strengthen supply-chain resilience;
- Finance a just transition and climate adaptation;
- Partner with local and regional governments to devise adaptation strategies that advance a just transition;
- Advocate for clear division of responsibilities for a just transition, also to support climate adaptation.
Sanda Ojiambo, Assistant Secretary-General and CEO of the UN Global Compact commenting on the release of the guidance said:
“Businesses around the world are already experiencing the impacts of climate change from disrupted production, broken supply chains to increased costs. Implementing climate adaptation strategies can create new jobs, new innovations and new opportunities for business but only if it is done in a way that is inclusive and enables everyone to thrive. ”
Richard Klein, IPCC Lead Author and Team Leader, International Climate Risk and Adaptation at the Stockholm Environment Institute, and co-author of the guidance, said: “Climate change risks and impacts expose vulnerabilities for most businesses today. A just transition for climate adaptation can help businesses integrate environmental and social work into their core business strategy and ensure long-term resilience for companies, their workers as well as local communities.”
For details and additional insights, please read the Brief.
Notes to Editors
About the Think Lab on Just Transition
The Think Lab on Just Transition aims to shape and define business and thought leadership on critical areas linked to just transition; address key business challenges; identify policy advocacy opportunities and good business practices; and scale-up learnings through the UN Global Compact’s network. 27 company participants from across the globe include A.P. Møller – Mærsk, Accenture, AIA Group, CEMEX, DP World, Enara Capital, Enel SpA, Garanti BBVA, Iberdrola, Johnson Controls, Lenovo Group, LONGi, Mahindra Group, Majid Al Futtaim, Meta, Microsoft, Moody’s Corporation, National Australia Bank, Nestlé, Novozymes A/S, Ørsted, ReNew Power Pvt. Ltd., Sappi Southern Africa Ltd., TriCiclos, Unilever, Wipro Ltd. and Woolworths Holdings Limited. The partners of the Think Lab include UN Climate Change (UNFCCC), UN Environment Programme (UNEP), International Labour Organization, International Trade Union Confederation (ITUC) and its Just Transition Center, CDP, Duke University, Institute for Human Rights & Business (IHRB), International Organization of Employers (IOE), International Renewable Energy Agency (IRENA), Principles for Responsible Investment (PRI), Stockholm Environment Institute (SEI), Sustainable Energy for All (SEforALL), The B Team, UNICEF and World Resources Institute (WRI). Think Lab activities leverage synergies with the UN Global Compact’s “CFO Coalition for the SDGs” and the “Just Transition Maritime Task Force”.
About the United Nations Global Compact
As a special initiative of the UN Secretary-General, the United Nations Global Compact is a call to companies everywhere to align their operations and strategies with Ten Principles in the areas of human rights, labour, environment and anti-corruption. Our ambition is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the Sustainable Development Goals through accountable companies and ecosystems that enable change. With more than 15,000 companies and 3,000 non-business signatories based in over 160 countries, and 69 Local Networks, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global Compact uniting business for a better world.
For more information, follow @globalcompact on social media and visit our website at unglobalcompact.org
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Source: United Nations Global Compact via GLOBE NEWSWIRE