Extreme weather events represent a significant risk on both a short-term and long-term basis.

According to the most recent Global Risks Report from the World Economic Forum (WEF), these events are the second-highest risk in the short term. The increasing frequency and severity of such occurrences threaten lives, infrastructure, and economies worldwide.

Early warning systems (EWS) are essential for climate adaptation, as they help save lives and reduce economic losses. However, only 50% of countries worldwide have a reliable multi-hazard EWS.

The UN Secretary-General’s Early Warnings for All initiative aims to extend life-saving services to everyone, particularly the most vulnerable. Achieving this goal requires sustainable partnerships and clear guidance on how the private sector can contribute to and benefit from the early warning systems (EWS) value chain.

Early warning systems monitor and predict hazards such as floods, tsunamis, landslides, volcanic eruptions, and droughts. These systems use various tools, including sensors, detectors, and data, to analyse and predict potentially disastrous events.

Support from key actors – government, academia, and businesses- plays a crucial role in the development and ongoing innovation of EWS, which is essential for saving lives and reducing economic losses.

A white paper from the World Economic Forum, in collaboration with the World Meteorological Organization and The Australian National University, titled “Catalysing Business Engagement in Early Warning Systems,” delves into early warning systems and emphasises the importance of open data.

The paper discusses how businesses can help close the EWS coverage gap through technological developments, data-driven innovations, and public-private collaboration. The report also provides practical strategies, highlights the key factors that can help or hinder progress, and suggests ways to create successful partnerships to improve global disaster preparedness and resilience.

According to the paper, like many climate adaptation initiatives, early warning systems face a funding gap that limits their impact. However, businesses have opportunities to help bridge this gap while creating value for society and themselves.

These opportunities arise from technological advancements and a growing awareness of extreme weather events across the public and private sectors.

Businesses can contribute by supplying new technologies, data, or services directly to EWS, offering weather- or climate-optimised products and services across various industries, or partnering with National Meteorological and Hydrological Services (NMHS) to help customers prepare for the impacts of extreme weather.

Achieving this requires a shift in mindset from both businesses and governments. Businesses must seek opportunities in areas they may not have traditionally considered.

At the same time, governments need to facilitate business involvement by providing open data, offering incentives, and streamlining processes. Like many areas of climate adaptation, there is a great opportunity to close coverage gaps by helping create markets where businesses can actively participate.

Read the paper: Catalysing Business Engagement in Early Warning Systems