Climate Resilience: The Role of the Private Sector in Adapting to Climate Change

Abstract

Despite contributing minimally to global greenhouse gas emissions, Colombia faces significant challenges in adapting to climate change. While committing to emission reductions and carbon neutrality, funding is skewed towards mitigation rather than adaptation. The lack of investment in resilience strategies carries a high economic cost, with substantial annual losses due to climate phenomena. Prioritizing long-term adaptation over reactive responses to climate crises is essential, potentially yielding greater economic benefits. Greater integration of climate adaptation into territorial and strategic planning is needed, along with increased collaboration between public and private actors to comprehensively address climate challenges.