Climate adaptation target setting

The new Principles for Responsible Banking (PRB) Climate Adaptation Target Setting guidance aims to help banks accelerate their efforts on managing climate-related impacts and financing climate adaptation, by setting adaptation targets using the PRB impact framework. Building on a framing paper published in 2022, it sets out an initial, guiding approach for setting adaptation targets and incorporating adaptation considerations in banks’ transition plans and sustainability strategies while leveraging the co-benefits of adaptation with climate, nature and other aspects of the UN Sustainable Development Goals. 

Banks can bring adaptation into this advocacy process in the following ways: 

• Commission or conduct studies to assess the potential impact of specific policies on the banking sector, certain sectors or industries, or selected customer segments in their wholesale banking or corporate lending business.
• Partner with industry associations, or interest groups to strengthen positive advocacy efforts and amplify their voices. 
• Conduct public relations and media campaigns to raise awareness about specific policy issues and advocate for preferred solutions.
• Publish policy briefs and whitepapers detailing capital provider perspectives and recommendations on specific adaptation-related policy matters. 
• Schedule direct meetings with government officials, lawmakers, and regulators to present views and concerns regarding proposed policies. 
• Active participation in public initiatives for bring the private sector into policy development on adaptation, including participating in surveys, workshops and public consultations on policies and contribute ideas and recommendations. 
• By taking the steps outlined above, among other actions, banks develop an adaptation advocacy plan that supports their business goals and client responses and resilience to climate impacts.