5 November 2018: The UN Development Programme (UNDP) has initiated a compact with eight private sector partners in Asia to collaborate on the production, analysis, dissemination and use of “climate intelligence.” The initiative aims to scale up climate action by supporting more informed investment decisions, increasing returns on investment and enhancing sustainable development.
According to UNDP, a shortage of reliable data and knowledge on the projected climate impacts on key sectors and on the likely rate of return on investment in climate resilience can hinder climate investment decisions within the private sector. In particular, micro, small and medium-sized enterprises (MSMEs) tend to lack such information. Chami Akmeemana, CEO of Blockscale Solutions, one of the partners in the compact, explained that data and general research do “not incentivize the private sector to make the significant investments needed for various resiliency initiatives.” He said the new initiative with UNDP will enable partners to “curate and package insights that are more meaningful and actionable,” providing a “clearer platform for the private sector to make informed and impactful decisions.”