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An economic approach to adaptation: illustrations from Europe

Fankhauser, Samuel and Soare, Raluca (2013) An economic approach to adaptation: illustrations from Europe. Climatic Change, 118 (2). pp. 367-379. ISSN 0165-0009

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Identification Number: 10.1007/s10584-012-0655-6

Abstract

Policy makers are still struggling to find a rational and effective way to handle adaptation to climate change. This paper discusses a more strategic, economic approach to public adaptation and compares it with adaptation practice in Europe. An economic approach to adaptation involves setting priorities, both spatially (where to adapt) and inter-temporally (when to adapt). The paper reviews what we know about Europe's geographic adaptation priorities. On inter-temporal priorities, it recommends fast-tracking two types of action: Win-win measures that yield an immediate return, such as water efficiency, and strategic decisions on infrastructure and spatial planning that have long-term consequences for Europe's vulnerability profile. An economic approach to adaptation involves careful project design to ensure adaptation measures are cost-effective and flexible in the light of climate uncertainty (how to adapt). The final element of an economic approach to adaptation is the division of labour between the state and private actors (who should adapt). The paper argues that the traditional functions of the state-the provision of public goods, creation of an enabling environment and protection of the vulnerable-also apply to adaptation.

Item Type: Article
Official URL: http://link.springer.com/journal/10584
Additional Information: © 2012 Springer Science+Business Media Dordrecht
Divisions: Grantham Research Institute
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HC Economic History and Conditions
Sets: Research centres and groups > Grantham Research Institute on Climate Change and the Environment
Date Deposited: 09 May 2013 13:59
Last Modified: 20 Feb 2019 10:32
Funders: Grantham Foundation for the Protection of the Environment, Economic and Social Research Council, Munich Re
URI: http://eprints.lse.ac.uk/id/eprint/50134

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