South Asian Businesses Focus on Easy Fixes for Climate Adaptation
While more than 60 percent of companies in South Asia have begun to address climate risks, few have pursued capital-intensive adaptations. New analysis reveals that businesses are favoring low-hanging fixes, with the most common response being installation of new fans, followed by air conditioning, with fewer taking up retrofitting, buying more energy-efficient equipment, or even developing formal contingency plans. While the private sector appears to be fairly proactive in its response to climate change, it is not without its challenges.
Why South Asia's Private Sector Cannot Wait
South Asia has one of the highest exposures to climate change risk of any developing region, and its governments are limited in their ability to respond, leaving responsibility to individual households and firms. Fortunately, most businesses surveyed were aware of their climate exposure and expected to have experienced a weather-related disruption to their operations within the next decade. However, many are still limited in their ability to pursue effective adaptation due to both financial and informational barriers. The removal of these barriers, as well as the encouragement of more widespread adoption of even basic climate adaptations, stands to fundamentally improve regional bounce-back ability.
