Prepared for International Chamber ofCommerce (ICC) 28 July 2025 Oxera Consulting LLP is alimited liabilitypartnership registered inEngland no. OC392464,registered office: ParkCentral, 40/41 Park EndStreet, Oxford OX1 1JD, UKwith an additional officein London located at 200Aldersgate, 14th Floor,London EC1A 4HD, UK; inBelgium, no. 0651 990 151,branch office: Spectrum,Boulevard Bischoffsheim12–21, 1000 Brussels,Belgium; and in Italy, REAno. RM-1530473, branchoffice: Rome located atVia delle Quattro Fontane15, 00184 Rome, Italy withan additional office inMilan located at PiazzaleBiancamano, 8 20121Milan, Italy. OxeraConsulting (France) LLP, aFrench branch, registeredin Nanterre RCS no. 844900 407 00025, registeredoffice: 60 Avenue Charlesde Gaulle, CS 60016,92573 Neuilly-sur-Seine,France with an additionaloffice located at 25 Ruedu 4 Septembre, 75002Paris, France. OxeraConsulting (Netherlands)LLP, a Dutch branch,registered in Amsterdam,KvK no. 72446218,registered office:Strawinskylaan 3051, 1077ZX Amsterdam, TheNetherlands. OxeraConsulting GmbH isregistered in Germany, no.HRB 148781 B (Local Courtof Charlottenburg),registered office: Rahel-Hirsch-Straße 10, Berlin10557, Germany, with anadditional office inHamburg located at AlterWall 32, Hamburg 20457,Germany. Contents Foreword Executive summary3 Acknowledgements5 1Introduction6 2Landscape of climate adaptation92.1Role and importance of climate adaptation102.2The state of climate adaptation planning,implementation and financing132.3Bridging the gap—the role of the private sector inclimate adaptation18 3Barriers to climate adaptation243.1Information barriers243.2Institutional, policy and governance barriers273.3Financial barriers31 4.1Solution architecture34 4.2Overcoming informational barriers: seeing the risksclearly 4.3Overcoming institutional barriers: building the rules forresilience 4.4Scaling adaptation financing52 Although every effort hasbeen made to ensure theaccuracy of the materialand the integrity of theanalysis presented herein,Oxera accepts no liabilityfor any actions taken onthe basis of its contents. 5Conclusion 64 Box 2.1Understanding adaptation, resilience, andmitigation9 No Oxera entity is eitherauthorised or regulatedby any Financial Authorityor Regulation within anyof the countries withinwhich it operates orprovides services. Anyoneconsidering a specificinvestment should consulttheir own broker or otherinvestment adviser. Oxeraaccepts no liability forany specific investmentdecision, which must beat the investor’s own risk. Figure 2.1Grant-based adaptation projects under theParis Agreement Climate Funds 17 Figure 2.2 Climate inflow and debt-servicing payments fordeveloping countries 18 Table 2.1 The role of the private sector in climate adaptationErreur! Utilisez l'onglet Accueilpour appliquer Title au texte que vous souhaitez faire apparaître ici.© Oxera 2025. All rightsreserved. Except for thequotation of shortpassages for thepurposes of criticism orreview, no part may beused or reproducedwithout permission. Box 4.1Open data sources—Oasis Hub37Figure 4.1Examples of climate adaptation metrics, bysector41Box 4.2Jamaica’s leadership in a collaborative NAP44Box 4.3Shell and TotalEnergies permitted tocollaborate on CO2 storage47Box 4.4Facilitating pro-competitive collaboration withthe Hellenic Competition Commission’s (HCC)Sustainable Development Sandbox49Box 4.5Private and public equity53Box 4.6EBRD Resilience Bonds56Figure 4.2Model of blended finance structures57Box 4.7Blended finance in agriculture58Figure 4.3Climate insurance linked resilient infrastructurefinancing facility59Box 4.8Public-private insurance collaboration Flood Re62 Foreword Philippe Varin–Chair, International Chamber of Commerce Our reportwith Oxeralast year showed climate change is alreadydriving major productivity losses, costing the global economy over $2trillion in the past decade.1Recent floods in the US and Europe exposedcritical gaps in disaster preparedness–even in advanced economies–while developing countries face far greater vulnerability, limitedresources, and a growing adaptation finance gap. ICC commissioned this new report from Oxera for COP30 to address acritical challenge that until today remains largely absent from globaldebate: how to unlock urgent private capital for climate adaptation andresilience, particularly in the regions that need it most. We know that public resources alone cannot meet the scale of thechallenge. This presents a clear opportunity for the private sector tostep up–working hand in hand with governments to deliver theinnovation and investment needed to build adaptation andresilience atscale. Yet private sector engagement in adaptation remains held back byserious barriers: poor access to high-quality climate risk data,inconsistent metrics to track impact, weak regulatory incentives, and alack of the financial infrastructure needed to scale solutions likeresilience bonds and climate adaptation insurance.