Marsh Centre for Climate Adaptation and Resilience Excellence (CCARE)

Despite Asia being the most impacted region by extreme weather and climate threats, businesses face challenges in navigating climate adaptation journey.

26.5% of Asia’s GDP may be at risk if no action on climate change is taken by 2050¹, and can cause far-reaching impacts on various sectors, including critical infrastructure, agriculture output, public health and the economy.  

However, developing East and South Asia and the Pacific will need up to US$644 billion of adaptation investment annually to meet the regions’ needs from 2021 to 2030, and there is still a more than 90% gap in global adaptation finance².  

While the private sector has a crucial role to play and needs to make a stronger commitment to address climate adaptation with investments in climate resilience, they often encounter the following challenges: 

• Lack of awareness of climate-related risks and clear ownership of climate adaptation responsibilities among public and private stakeholders.   
• Data and modeling that does not fully inform and support quantification and pricing of climate-related risks.
• Inability to articulate their business case to obtain financing for climate adaptation initiatives.

Marsh Asia takes the lead in spearheading CCARE, an initiative with initial focus in empowering businesses in communication and technology, energy and power, and agriculture sectors to effectively pivot their business strategies in response to climate change. 

CCARE brings together a dedicated and highly experienced team of climate risk and resilience experts, along with industry-specific experts to:

• Assess the effects of climate change at both system-level (e.g., suppliers, customers, and critical infrastructure), and asset-level (e.g., physical assets, operations and people and emergency response) for organisations. (Fig. 1)

• Integrate climate resilience actions into their long-term strategies with a compelling business case for action.
• Prepare for future climate extremes, fostering more resilient and sustainable communities and economies across Asia. 
• Articulate their needs to obtain financing for climate adaptation initiatives through partnerships with financial institutions and insurers, as well as public and private partnerships. 

Effective climate adaptation efforts rely on strong public and private partnerships, and Marsh CCARE is also instrumental in fostering a collaborative environment for public sector engagement. Leveraging its climate adaptation capabilities and solutions, CCARE supports the alignment of policies and frameworks that incentivise and empower climate adaptation initiatives, helping to ensure a coordinated and impactful approach.