As access to comprehensive climate data is still wrought with challenges due to disparate sources and incompatible formats across countries, the APEC Business Advisory Council (ABAC) is proposing the establishment of an online platform that shall facilitate the sharing of facts, figures and other information in a seamless way.

The propounded digital portal for climate data is part of the Climate Risk Scenarios Project that is being advanced by ABAC, touted as the major private sector ally of the Asia Pacific Economic Cooperation (APEC) leaders in promoting trade and investments within the region.

ABAC Philippines Member and Aboitiz Group CEO Sabin Aboitiz primarily reported on the progress of the Climate Risk Scenarios project from the Philippine perspective as well as other countries during the organization’s meeting in San Francisco, California ahead of the APEC Leaders’ Summit.

The aim of the international private sector advisory body, according to Aboitiz, is “to translate climate awareness into actionable targets.”

Apart from addressing gaps and hurdles on climate data sharing, the ABAC also recommended a “standardized playbook” that shall guide member-countries and to “provide support for policy enhancement and a commitment to developing capabilities for climate risk management.”

To date, climate datasets are scattered across various platforms – and it often takes lengthy exercise for policymakers, researchers and even corporate decision-makers just deciphering data formats and where to get the most accurate ones that must be given weight in drawing up valuable insights and action items on to addressing the climate crisis.

It was noted that having a ‘harmonized playbook’ or ‘unified ecosystem’, in particular, could break down silos as well as bridge gaps not just on accessibility to information, but also on warranted global collaboration on meeting carbon emissions reduction targets as well as on the strategies to achieve them.

A recent report of the United Nations Framework Convention on Climate Change (UNFCCC) stipulated that the world is still falling behind on greenhouse gas (GHG) emissions trimming; thus, there is an intensified call for bolder and more aggressive action plans to be on track with the targeted 1.5 degrees Celsius limit on temperature rise.

At the ABAC meeting, Aboitiz cited “valuable insights gained from research and input of nine pilot economies, with him noting that there have been “similar and unique climate risks identified,” hence, those ought to be prioritized in the design of the online data platform.

“The assessments encompassed various aspects such as data and expertise, methodologies and standards, policies and mandates, and current practices in each economy, revealing gaps and strategies for improvement,” he stressed.

The economies scrutinized in the pilot assessment include developments that had been presented by the National Autonomous University of Mexico's use of climate data and socioeconomic factors to calculate climate change impacts; as well as Thailand's utilization of a climate analytics website for risk information.

Canada, on the other, shared “rapid advancements in risk assessment capabilities; while both Mexico and Philippine central banks assimilated “climate stress testing into their policy requirements.”

The other countries which actively participated in the climate risk assessment discussions include Australia, Japan, Indonesia, and Thailand – with most of them citing the need to “actively engage in the exchange of perspectives,” as well as collaboration in “constructing climate resilience.”