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Multinational and large national corporations and climate adaptation: are we asking the right questions? A review of current knowledge and a new research perspective

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  • Alina Averchenkova
  • Florence Crick
  • Adriana Kocornik‐Mina
  • Hayley Leck
  • Swenja Surminski

Abstract

Adapting to climate change requires the engagement of all actors in society. Until recently, the predominant research focus has been on governments, communities, and the third sector as key actors in the adaptation process. Yet, there is a growing emphasis internationally on understanding the role of and the need to engage businesses in adaptation given their potential to finance projects, develop technologies and innovative solutions, and enhance the scale and cost‐effectiveness of certain adaptation measures. Large national and multinational corporations are among the key actors in this respect. Already, many of these corporations are purportedly taking steps to adapt their operations to climate change. Some stated reasons for their engagement include minimizing potential impacts on value chains, improving resource efficiency, enhancing production of sustainable raw materials, and supporting customers’, suppliers’, and communities’ climate change adaptation efforts. However, there is a paucity of work analysing adaptation actions by these corporations, their motivations and contribution to broader adaptation and climate‐resilient development efforts, as well as possible instances of maladaptation. We apply a three‐tier framework on drivers, responses, and outcomes to examine the state of knowledge according to recent literature on private sector and corporate adaptation to climate change. Our review highlights that the literature on the impact and outcomes of corporate adaptation actions is sparse and we consider the implications for future research. Our analysis concludes with a reflection on the relevance of corporate‐led adaptation—for the companies themselves, policymakers at all scales, as well as society at large. WIREs Clim Change 2016, 7:517–536. doi: 10.1002/wcc.402 This article is categorized under: Vulnerability and Adaptation to Climate Change > Institutions for Adaptation

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  • Alina Averchenkova & Florence Crick & Adriana Kocornik‐Mina & Hayley Leck & Swenja Surminski, 2016. "Multinational and large national corporations and climate adaptation: are we asking the right questions? A review of current knowledge and a new research perspective," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 7(4), pages 517-536, July.
  • Handle: RePEc:wly:wirecc:v:7:y:2016:i:4:p:517-536
    DOI: 10.1002/wcc.402
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    Cited by:

    1. Kirtika Deo & Abhnil Amtesh Prasad, 2022. "Exploring Climate Change Adaptation, Mitigation and Marketing Connections," Sustainability, MDPI, vol. 14(7), pages 1-21, April.
    2. Philip Völlers & Thomas Neise & Philip Verfürth & Martin Franz & Felix Bücken & Kim Philip Schumacher, 2023. "Revisiting risk in the Global Production Network approach 2.0 - Towards a performative risk narrative perspective," Environment and Planning A, , vol. 55(8), pages 1838-1858, November.
    3. Roxana Leitold & Javier Revilla Diez & Van Tran, 2020. "Are we expecting too much from the private sector in flood adaptation? Scenario-based field experiments with small- and medium-sized firms in Ho Chi Minh City, Vietnam," Climatic Change, Springer, vol. 163(1), pages 359-378, November.
    4. Raffaele Scuderi & Giuseppe Tesoriere & Vincenzo Fasone, 2019. "Natural events and performance of micro firms: the impact of floods on shops in Uganda," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(2), pages 609-627, July.
    5. Mercedes Bleda & Elisabeth Krull & Jonatan Pinkse & Eleni Christodoulou, 2023. "Organizational heuristics and firms' sensemaking for climate change adaptation," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 6124-6137, December.
    6. Gannon, Kate & Crick, Florence & Atela, Joanes & Conway, Declan, 2021. "What role for multi-stakeholder partnerships in adaptation to climate change? Experiences from private sector adaptation in Kenya," LSE Research Online Documents on Economics 110377, London School of Economics and Political Science, LSE Library.
    7. Salamatu J. Tannor & Christian Borgemeister & Shalom D. Addo–Danso & Klaus Greve & Bernhard Tischbein, 2023. "Climate variability and mining sustainability: exploring operations’ perspectives on local effects and the willingness to adapt in Ghana," SN Business & Economics, Springer, vol. 3(8), pages 1-26, August.

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