Economic tools for adaptation

1. Assessing the costs of adaptation to climate change

2. Economics of climate change adaptation in EU coastal areas

3. Case Studies on Methodology to Calculate Costs of Adaptation


1. Assessing the costs of adaptation to climate change

The publication warns that the UN negotiations aimed at tackling climate change are based on substantial underestimates of what it will cost to adapt to its impacts. The real costs of adaptation are likely to be 2-3 times greater than estimates made by the UN Framework Convention on Climate Change (UNFCCC).

2. Economics of climate change adaptation in EU coastal areas

DG Fish and Maritime Affairs has published the study it commissioned on the economics of climate change adaptation in EU coastal areas. This report provides insights in the state-of-play and financial dimension of the actions undertaken to prepare Europe’s coastal zones as well as the outermost regions for the effects of climate change. Furthermore, this study compares the different climate change adaptation aspects from an empirical perspective with results drawn from dedicated scientific literature. The study includes 23 specific reports for each of the 22 coastal Member States and the Outermost Regions. A comprehensive compilation of documentation on climate change adaptation in coastal and marine areas can be found in a CIRCA library, including specific information for each coastal Member State and the Outermost Regions.

3. Case Studies on Methodology to Calculate Costs of Adaptation

The Global Environment Facility (GEF) has presented the results of a study on “Shaping Climate-Resilient Development,” which provides a set of tools for decision makers to adopt a tailored approach for estimating adaptation costs based on local climate conditions, and for building more resilient economies.
The report by the Economics of Climate Adaptation Working Group evaluates current and potential costs of climate change and how to prevent them by determining a location’s total climate risk – calculated by combining existing climate risks, climate change and the value of future economic development – and using a cost-benefit analysis to create a list of location specific measures to adapt to the identified risk. The methodology was tested in localities within eight different countries (China, United States, Guyana, Mali, United Kingdom, Samoa, India and Tanzania), which together represent a wide range of climate hazards, economic impacts, and development stages.

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