Flagship Action 10: Private sector challenge for a climate resilient economy
Intention Convene private sector representatives, primarily based and located, or with a presence in Glasgow City Region, to identify and set a challenge to push the private sector to become climate resilient, reducing costs to their businesses and realizing opportunities for new goods and services. The challenges will be identified through a series of roundtables and set within the framework of the Task Force on Climate-Related Financial Disclosures (TCFD). A positive and targeted dialogue with the private sector will also help the public sector inform economic development, planning policymaking. A number of the supporting Flagship Actions will be relevant to the ‘challenges’, including Flagship Action 7: Net-Zero Climate Resilient Housing Retrofit, Flagship Action 11: Clyde Adaptation Mission and Flagship Action 14: Embedding Resilience into the Regional Economic Strategy and Regional Spatial Strategy. Outcomes Businesses and industries which have helped transform Glasgow City Region’s economy, and with a role in building a climate resilient economy are also, paradoxically exposed to many climate risks. Developing private sector ‘challenges’ will help businesses accelerate their planning to become resilient to climate change, reducing costs, increasing competitiveness and productivity, and identifying opportunities to build resilience into the regional economy including through potential cooperation with the public sector. It will also help drive early uptake and adoption of TCFD reporting, supporting business compliance. Supporting and enabling mechanisms • Task Force on Climate-Related Financial Disclosures – t he new whole-economy reporting requirements for businesses require them to assess financial risks relating to the low carbon transition and the physical risks of climate change.
Supports delivery of the following Adaptation Strategy interventions 1 2 3 11
Key partners Scottish Trade Union Congress, Scottish Enterprise, Clydeplan, Glasgow City Region PMO, all eight local authorities, EIT Climate-KIC, critical infrastructure providers (e.g. energy companies), representatives of the banking and insurance sector, Chambers of Commerce, selected larger companies with a commitment to tackling climate change in the region.
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