NWPStaging

What is the Economics of Climate Adaptation (ECA)? The approach taken under the Economics of Climate Adaptation (ECA) framework provides decision makers with information about potential climate-related damage to their environment, economies and societies. It can foster comprehensive adaptation strategies by analysing and proposing a variety of specific adaptation measures in a systematic way. Well targeted, early investments to improve climate resilience are likely to be less cost intensive and more effective than complex post-disaster relief efforts, both locally and on an aggregated global scale. ECA addresses the following key questions to develop an effective climate adaptation strategy: 1) What is the potential climate-related damage over the coming decades? 2) How much of that damage can be averted, using what type of adaptation measures? 3) What investments will be required to fund those measures – and will the benefits of these investments outweigh the costs? What does ECA provide? Powered by CLIMADA, an open-source modelling platform, the ECA framework helps promoting resilience through the assessment of weather and climate risks and the integration of appropriate climate change adaptation (CCA) measures. More particularly, it supports governments, businesses and individuals with the following: 1) CLIMATE RISK IDENTIFICATION Conduct an identification of climate risk in a defined region (e.g. urban area), identify areas and people at risk, spanning all significant climate hazards and the full range of possible impacts for different sectors 2) CLIMATE RISK QUANTIFICATION Calculate the expected damage across multiple climate and economic scenarios 3) IDENTIFICATION AND PRIORITIZATION OF CCA MEASURES Determine strategies, including a portfolio of specific measures with detailed cost-benefit assessment 4) ENABLING MULTI-STAKEHOLDER COLLABORATION Ensure local involvement in order to create a long-term and transparent adaptation strategy