Businesses are integral to society’s efforts to respond to climate change. This report takes stock of business action on climate change adaptation, in support of the first Global Stocktake under the Paris Agreement which concludes at COP28.

The report is based on a survey of 30 Forbes 2000 businesses, complemented by in-depth interviews with the wider adaptation community. The research finds that businesses are doing more for adaptation than is acknowledged, but also less than they could.

The paper describes the actions that large global businesses are taking on adaptation, what is driving these actions and the barriers they face to doing more. While these barriers are addressable, it requires businesses to work with governments, civil society and the international community to ensure that efforts can be scaled up and sustained.

The World Economic Forum will work with all stakeholders on the report’s recommendations to foster more public-private dialogue and build partnerships that can strengthen community resilience in the face of new climate realities.