London-based advisory firm Willis Towers Watson, together with the Government of the United Kingdom, the Government of Jamaica, the Global Commission on Adaptation and the World Economic Forum, have unveiled a private sector–led initiative dedicated to bolstering climate-based infrastructure investments.
The Coalition for Climate Resilient Investment was officially launched at the U.N. Climate Action Summit in New York City on Sept. 23. A slew of other financial entities and organizations also pledged their support for new climate-conscious initiatives at the event.
The financial-sector led initiative brings together more than 30 organizations across the investment value chain to address climate resilience challenges. According to the groups, the coalition is the first of its kind.
Chaired by John Haley, CEO of Willis Towers Watson, the coalition “aims to transform infrastructure investment by integrating climate risks into decision-making, driving a shift toward a more climate resilient economy for all countries, including the most vulnerable.”
According to the groups, the coalition aims to develop a common approach to assessing climate risks, which will enable them to ensure all their investments are resilient, and will unlock additional private finance for resilient infrastructure investment.
“This new coalition realizes that current efforts to adapt to physical climate risks and deliver resilience for exposed communities and assets across the globe are severely lacking and need to be addressed urgently,” stated Haley. “The conditions for success are ripe, the coalition will be able to harness a unique combination of the rapid advancement of climate risk analytics coupled with ambitious regulatory and investor-led initiatives.”
He noted, “Pricing the risks posed by climate change will create opportunities to build a network of resilient infrastructure in high-, medium- and low-income countries, enabling us to better prevent future human and financial disasters.”
Read more about the coalition here.