#THE LIGHTSMITH GROUP JAY KOH FULL#

#THE LIGHTSMITH GROUP JAY KOH FULL#

With SMEs in developing regions and especially Latin America and the Caribbean confronting both the economic fallout of the pandemic and worsening climate impacts, we should take full advantage of this new taxonomy to support them to continue to capitalize on the business opportunities to develop solutions for climate adaptation and resilience,вЂќ said Graham Watkins, Climate Change Division Chief of the Inter-American Development Bank. вЂњThe timing of the new ASAP taxonomy is crucial. The ASAP Taxonomy offers a systematic approach to identify SMEs that produce technologies, products, and services that support adaptation to climate change (вЂњAdaptation SMEsвЂќ) and enables investors and governments to target investment and support. SMEs generate at least 45% of employment and as much as 33% of GDP in developing countries. вЂњMost of these companies do not call what they do вЂclimate change anythingвЂ™ but if we can find them, we can invest in and scale up their solutions as the challenge of climate change grows.вЂќДЄSAP recognizes the important role that small and medium-size enterprises (вЂњSMEsвЂќ) can play in supporting climate adaptation. вЂњIdentifying companies that can help manage drought, flood, wildfire, supply chain disruption, disease, and other climate impacts is a critical first step to building resilience to climate,вЂќ added Koh. Despite the fact that 75% of all national climate plans under the Paris Agreement reference climate adaptation, adaptation received less than 6% of the total $579 billion of climate finance in 2017/2018, with perilously little from the private sector, according to the Climate Policy Initiative. The UN Environment Program estimates the cost of adapting to climate change in developing countries alone could rise to $140 to $300 billion per year by 2030, and between $280 and $500 billion per year by 2050.

A recent study by the University of Cambridge shows an additional $100 billion of global costs annually linked to extreme weather events вЂ“ such as floods, heatwaves and droughts вЂ“ can be expected by 2040. вЂњWe need practical solutions to help us adapt to climate change now,вЂќ said Jay Koh, Managing Director of Lightsmith. The ASAP Taxonomy has been reviewed by a panel of global experts and is actively being applied to identify hundreds of private companies across the globe that offer climate adaptation solutions. It builds upon existing definitions and international standards around climate finance, such as the European UnionвЂ™s Sustainable Finance Taxonomy, the Intergovernmental Panel on Climate Change, the Task Force on Climate-related Financial Disclosures (TCFD), and the UNFCCC Climate Technology Centre and Network (CTCN) Taxonomy, among others, in order to foster harmonization and uptake. The ASAP Taxonomy was developed through the Adaptation SME Accelerator Project (вЂњASAPвЂќ), which is supported by the Special Climate Change Fund (SCCF) of the Global Environment Facility, Conservation International, and the Inter-American Development Bank and IDB Lab. This is the first peer-reviewed set of definitions and eligibility criteria specifically focused on climate adaptation solutions being offered by private sector companies. NEW YORK, NEW YORK, 10 September 2020 вЂ“ The Lightsmith Group (вЂњLightsmithвЂќ) today released the ASAP Adaptation Solutions Taxonomy (вЂњASAP TaxonomyвЂќ).

The lightsmith group jay koh