The consequences of climate change are having an impact on the financial sector. The number of claims being made to insurers is increasing, banks are starting to ask some of their customers about climate risks, and climate adaptation is part of the European Commission's Sustainable Finance Action Plan.

NextGreen, Samen Klimaatbestendig (Climate Resilient Together) and Vereniging van Beleggers voor Duurzame Ontwikkeling (VBDO) (Association of Investors for Sustainable Development) previously used a picture story to illustrate the role that financial institutions, in collaboration with governments, can play in making the Netherlands climate-resilient.

Climate Adaptation Working Group

The Climate Adaptation Working Group is a new working group that builds on the ideas presented in this visual story. It is working on climate scenarios and new forms of financing and measures aimed at climate adaptation. The working group was launched in June 2022 and is facilitated by Samen Klimaatbestendig. Anne-Marie Bor of NextGreen is the financial sector community manager at Samen Klimaatbestendig and supports the working group.

Action plan

The working group recently launched its action plan. The central question in this work plan is: 'What is the impact of climate adaptation on the economy, the local environment, and the financial sector, and what contributions can the financial sector—whether or not in collaboration with governments—make to promote balanced and effective climate adaptation with a positive contribution to society?'

Subgroups

Two subgroups have been formed to seek a solution to this problem: the Scenarios subgroup and the Public-Private Partnership subgroup. These two groups will start working on the action plan in 2023. By the end of 2023, a report must be ready with results that make a targeted contribution to the climate resilience of the Netherlands. The ambition is to also start implementing some of the solutions. Samen Klimaatbestendig is involved in the main working group and in the Public-Private Partnership subgroup and aims to connect this subgroup with current issues in practice.

Questions? We're here to help!

We regularly receive questions from government agencies and financial institutions. Do you have a question about involving financial institutions in climate-proof design? We can help you find the answer.