MainDB: Economics of Climate Adaptation

Title: Economics of Climate Adaptation
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NWPTypeOfOrganization: Civil society
NWPGeographicRegion: Africa; Asia; Caribbean and Central America; South America
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Good practices and lessons learned: ECA has been applied in more than 30 countries world wide. The framework as it, as been extensively used and further developed in San Salvador, Honduras, Ethiopia and Vietnam in close collaboration with local and international stakeholders.
 
Why should I use ECA?
 
LONG-TERM INVESTMENT PLANING
ECA allows extension of investment portfolios, e.g. in a given country or sector. Depending on the volume of the investment, a detailed study for CCA measures might be meaningful.
 
NAPs DEVELOPMENT
Numerous governments are looking into developing their National Adaptation Plans (NAPs). ECA supports countries in formulating detailed NAPs and assists in decision-making processes for further implementation. The level of detail depends on the volume of the project and the prospect of an investment in CCA measures.
 
RISK TRANSFER
In some cases, governments or businesses might be interested in completing already existing CCA measures and looking into potential for risk transfer for low-frequency hazards.
 
STRATEGIC PLANING
ECA provides a prospective assessment of measures that are best adapted to certain conditions in a well-determined area. The level of detail can be high locally or moderate when going beyond the country level.
 
PRE_FEASIBILITY
ECA provides a prospective CCA assessment in order to identify efficient measures and areas most at risk. This approach is embedded in an iterative assessment prospect if deemed meaningful.
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Adaptation element: Adaptation planning and practices; Capacity building; Climate scenarios; Communication and outreach/awareness; Financial support; Impact assessment; Science and research; Socio-economic data and information; Stakeholder involvement; Technology support; Vulnerability assessment
Adaptation sector/theme: Water resources; Ecosystem-based adaptation; Community-based adaptation; Adaptation finance; Disaster risk reduction; Urban resilience
Climate hazard: Drought; Erratic rainfall; Extreme cold; Extreme heat; Floods; Increasing temperatures; Sea level rise; Storm surges; Tropical cyclones/typhoons
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Description: 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
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Further information: Additional information, reports of ECA studies, manuals and videos can be found here:
https://eca-network.org/eca-materials/
NWPGeographicScope: Local; National; Regional; Subregional; Transboundary
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NWPInformationType: Tool
NWPJoinDate: 10/01/2022
NWPPartner: United Nations University Institute for Environment and Human Security
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Target group: Academics and scientists; Communities; Policy makers; Practitioners; Private sector
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NWPReferences: General Information in ECA:
https://ehs.unu.edu/news/news/economics-of-climate-adaptation-eca-the-tool-to-support-countries-and-communities-to-develop-more-ambitious-climate-adaptation-and-mitigation-plans.html
 
Press release about ECA in Honduras:
https://reliefweb.int/report/honduras/eca-studies-pave-way-combating-flooding-honduras
https://reliefweb.int/report/honduras/honduras-etiop-y-vietnam-hacen-frente-al-cambio-clim-tico-con-la-ayuda-de-la (in Spanish)
 
Infographics on ECA:
https://i.unu.edu/media/ehs.unu.edu/attachment/23351/ECA_infographic_LOGO.png
Implementing partners: ETH Zürich (Prof. Dr. David Bresch)
Munich Climate Insurance Initiative (MCII)
Frankfurt School of Finance and Management (FS)
KfW German Development Bank
Insuresilience Solution Fund (ISF)
SwissRe
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SourceItemID: 2409
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NWPTypeOfKnowledge: Technical document/report
NWPCountryItem: Switzerland, Germany
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Created at 01/10/2022 07:00 by crmmocservices
Last modified at 05/12/2022 14:12 by Stefan Dierks
 
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