Coasts, capital and climate change: harnessing private investment for coastal adaptation and resilience
Banhalmi-Zakar, Zsuzsa (2018) Coasts, capital and climate change: harnessing private investment for coastal adaptation and resilience. In: Proceedings from the Coast to Coast 2018 Conference. From: Coast to Coast 2018 Conference, 16-20 April 2018, Hobart, TAS, Australia.
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Abstract
Helping coastal communities adapt to the impacts of climate change is a key challenge in Australia and many countries overseas. Contrary to many other nations, coastal protection and management is not a federal responsibility in Australia; rather it is a mix of state and local obligations. Similarly, adaptation to climate change is also devolved, primarily to local governments. Climate change represents increased risks to coastal communities, as well as the natural and built environment. The problem with the current arrangement of responsibilities is that protecting coastal assets can be a costly exercise that is often beyond the capacity of local governments budgets. The norm is to seek funding from State government, or to self-funding activities. However, inevitably these sources of funding will not be sufficient, because the scale of investment needed to protect coastal assets is estimated to reach over $226 billion, while the cost of damages from natural disaster alone is forecasted to escalate to more than $33 billion by 2050 (Steffen et al 2017; Deloitte Access Economics 2016). It appears logical to look to the private sector to fill the adaptation finance gap, which possesses the necessary scale of capital. But are adaptation and climate resilient projects investable assets? Who would finance such projects and how? Although there are no simple answers, recent studies offer guidance on what it would take to harness private sector investment for coastal adaptation and resilience.
Item ID: | 54317 |
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Item Type: | Conference Item (Scholarly Work) |
Keywords: | climate finance, adaptation, green bonds |
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Date Deposited: | 24 Jul 2018 03:12 |
FoR Codes: | 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1503 Business and Management > 150303 Corporate Governance and Stakeholder Engagement @ 30% 15 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 1502 Banking, Finance and Investment > 150205 Investment and Risk Management @ 30% 05 ENVIRONMENTAL SCIENCES > 0502 Environmental Science and Management > 050205 Environmental Management @ 40% |
SEO Codes: | 96 ENVIRONMENT > 9603 Climate and Climate Change > 960311 Social Impacts of Climate Change and Variability @ 30% 96 ENVIRONMENT > 9603 Climate and Climate Change > 960301 Climate Change Adaptation Measures @ 30% 90 COMMERCIAL SERVICES AND TOURISM > 9001 Financial Services > 900101 Finance Services @ 40% |
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