What it's about:
Businesses of all sizes should ensure that resilience lies at the core of their decision-making processes, says the U.N. Office for Disaster Risk Reduction (UNISDR) which is working with all types of companies to help them better prepare for threats posed by natural and human-induced disasters.
In taking this approach, UNISDR is aiming to protect the wider community that relies on the private sector for employment and trade.
UNISDR and its partners have already taken significant steps in this direction such as creating ARISE in 2015, a project that aims to leverage business resilience know-how and encourage investment decisions that take disaster risk into account.
ARISE currently has 140 member organisations and not only helps multinationals but also small- and medium-sized enterprises to reduce their risk. Such firms account for over 80 percent of employment, meaning that their ability to withstand shocks is important to help communities get back on their feet.
Why it's noteworthy:
The 2015 Sendai Framework puts the onus on governments to bring about change, but is relatively unusual in the world of international agreements in that it allows other players to also have specific roles. The private sector is one of those singled out in the accord.
According to UNISDR, a focus on the private sector is crucial given that global disaster losses have risen to an estimated $520 billion a year owing to factors such as climate change and rapid urbanisation.
Zilient recently hosted a webinar on the role of the private sector on building resilience analysing Airbnb as a case study. If you missed it you can catch up and watch the video here.
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