As the frequency and severity of climate-related events escalate, there is a growing consensus that mitigation alone is insufficient; adaptation must play a central role in securing resilience.

International Chamber of Commerce (ICC) commissioned Oxera to assess how the private sector’s role in climate adaptation can be strengthened and scaled. The report is intended to inform ICC’s advocacy as the official UNFCCC Focal Point for Business and Industry in the lead-up to COP30 in Belém, Brazil, where adaptation is expected to be a central theme, both in the negotiations, particularly around indicators to track collective progress under the Global Goal on Adaptation (GGA), and in the solutions featured through the COP30 Presidency’s Action Agenda. ICC will draw on this work to engage with negotiators and governments, highlighting concrete policy steps that can unlock private investment and finance at scale.

Private sector engagement in climate adaptation is gaining recognition, but significant potential remains untapped due to structural barriers—ranging from inadequate climate risk data and lack of clear incentives, to underdeveloped financial markets and institutional capacity. As governments lay the groundwork, scaling adaptation solutions will increasingly depend on private capital and innovation across sectors like energy and transport infrastructure, agriculture, and urban planning.

To scale private sector involvement in climate adaptation, the report sets out three strategic priorities for public policy and international cooperation.