Generali at Climate Week NYC: Building the resilience of SMEs and global supply chains

Generali has attended the New York Climate Week (Climate Week NYC) for the first time in 2024 to co-host - together with the Permanent Mission of Italy to the United Nations and the support of the United Nations Development Programme - the event titled “Sustainability Champions: Strengthening SMEs for a Climate-Resilient Tomorrow”, dedicated to building the resilience of global supply chains and the Small and Medium Enterprises (SMEs) that enable them.

Climate Week NYC, hosted by Climate Group, is the largest annual climate event of its kind, bringing together over 600 events and activities across New York – in person, hybrid and online - to gather business leaders, political change makers, local decision makers and civil society representatives from all over the world to drive the climate transition and speed up progress. 

Co-hosted by Generali, the event collected the perspectives of esteemed experts, industry leaders and policymakers in one collaborative forum, to highlight innovative strategies, resilient practices and concrete solutions crucial for global supply chains and SMEs worldwide in a context of rising climate risks. Focus was on exploring the intersection of sustainability, entrepreneurship and resilience through knowledge exchange, discussing actionable initiatives with the potential to pave the way for a resilient and climate-smart future for all.

Generali was represented by the Group’s Chief Sustainability Officer, Lucia Silva, who, commenting on the topic said: “SMEs worldwide face unique challenges when confronting climate change. Therefore, initiatives aimed at enhancing their resilience, such as providing access to finance, fostering innovation, and promoting sustainable practices, are essential for building a more resilient and inclusive economy that can withstand the increasing challenges of a changing climate. This is a vision shared by Generali and UNDP that recognises the pivotal role SMEs play in relation to global supply chains and the wider economy, as we seek to facilitate tangible solutions to boost their sustainability and climate resilience where public-private partnerships, cross-sector collaboration and knowledge-sharing play a key role towards success”.

Addressing the challenges faced by SMEs and bolstering their resilience against climate change is paramount for several reasons. SMEs represent a vast majority of businesses worldwide, comprising over 90% of all businesses and employing more than 50% of the global workforce. Their significance is further underscored by their contribution to economic output, with SMEs accounting for approximately 50% of GDP in developed countries and up to 40% in emerging economies.

Beyond their economic impact, SMEs serve as engines of innovation and entrepreneurship, driving productivity gains and fostering sustainable development. SMEs also play a crucial role in the interconnected global economy, deeply integrated into global value chains that span continents. They serve as suppliers, manufacturers, and service providers, linking businesses across borders and contributing to the resilience and efficiency of the global marketplace. In today's interconnected world, disruptions in one part of the globe can have far-reaching consequences, highlighting the importance of strengthening SME resilience against climate change impacts, while also exploring ways that they can reduce their emissions and enhance their sustainability.

Over the past three years, Generali has engaged with SMEs from across Europe and, most recently, Southeast Asia, to promote a culture of sustainability and support SMEs in their sustainable transition with its SME EnterPRIZE initiative.

So far, the project has seen three European editions, bringing together European policymakers, academic leaders, and representatives from some of the most sustainable SMEs from across the continent. An Asian edition was also held in March 2024.

Generali and UNDP have a multi-year partnership aimed at supporting the financial resilience of vulnerable communities, SMEs and global value chains to climate and other risks. Under this, Generali and UNDP’s Insurance and Risk Finance Facility (IRFF) are developing research and tools, incentivising the development of innovative insurance solutions, and advocating for holistic resilience solutions that blend risk transfer and management. The partnership blends Generali’s insurance expertise with UNDP’s long-term focus on financing and development.

Through their collaboration, Generali and UNDP are contributing towards the InsuResilience Vision 2025 to reach 500 million vulnerable people with coverage against climate and disaster shocks; protect 150 million vulnerable people through microinsurance solutions; and put insurance innovation at the heart of the UN’s Sustainable Development Goals and 2030 Agenda.

Moreover, by fostering dialogue and collaboration between SMEs and other stakeholders, Generali and UNDP aim to ensure that policies are not only tailored to the needs of SMEs but also implemented in a way that maximises their impact. By bringing together diverse perspectives and expertise, Generali and UNDP strive to create an enabling environment where SMEs can thrive, driving economic growth, creating jobs, and contributing to sustainable development.