The Nordic countries, heavily reliant on global trade, are increasingly vulnerable to climate change impacts abroad. However, national policies and business practices often overlook these transboundary climate risks. This brief, published by the Nordic Council of Ministers, identifies challenges and proposes solutions for tackling the issue.
This policy brief distils insights from recent Nordic research on TCRs to support policy-makers in developing effective actions to enhance the resilience of the region’s economy and food supplies. Any such effort will require close cooperation with the private sector, and the brief also addresses businesses’ concerns and identifies proactive measures to mitigate global supply-chain risks. It sets out key challenges and potential solutions:
Key challenges:
Diffuse risk ownership: TCRs are dispersed across multiple jurisdictions, sectors and value chains, adding far more complexity than conventional direct or domestic climate risks.
A lack of business preparedness: Limited awareness and action from businesses.
Policy gaps: National policies often overlook TCRs.
Siloed approaches to adaptation: Current adaptation approaches do not recognise the need for cross-cutting actions that use multiple policy tools across diverse sectors
Suggested solutions:
Strengthening Nordic and international cooperation
Improving risk assessments
Promoting public-private partnerships to enhance resilience.
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