Print

Costs of Adaptation vs Costs of Inaction

Publication
Citation

Valverde, María José et al. 2022: Costs of Adaptation vs Costs of Inaction. Final Report. Ramboll Management Consulting, Ecologic Institute, Frankfurt School: Brussels, Berlin, Frankfurt am Main.

Both the costs of adaptation and the costs of inaction are central concepts that influence all political decisions. It is necessary to precisely define and calculate these costs to inform policy decisions. Insufficient knowledge and lack of information on these key concepts significantly hinder the development and implementation of effective climate adaptation strategies.

The European Environment Agency's report "Costs of Adaptation versus Costs of Inaction" highlights the urgent need for climate change adaptation strategies. In the face of increasing climate events such as heatwaves, forest fires and floods, the report notes that the European Union has already taken important initiatives on adaptation, including the formulation of the EU Adaptation Strategy. This strategy aims to make adaptation measures more efficient, faster and more comprehensive and to increase international readiness to act.

The challenges of accessing information and defining key concepts

The report further highlights that adaptation to climate change and the costs of inaction are key but vaguely defined concepts that permeate all policy decisions. A major problem is the lack of access to relevant information and understanding of key concepts such as adaptation finance, which makes it difficult to structure and evaluate adaptation strategies. These information gaps lead to problems in the evaluation and comparability of adaptation efforts at European level.

Methodology for assessing the costs of non-adaptation and adaptation

Finally, the report emphasizes the need to develop robust methods for calculating the costs of non-adaptation and adaptation costs. A detailed step-by-step approach is proposed that includes baseline definitions, socio-economic scenarios, climate projections, impact analyses and monetary assessments. This methodology is intended to help decision-makers make informed decisions on public investments based on a solid, comprehensive and comparable database.

Both the costs of adaptation and the costs of inaction are central to all political decisions. Insufficient knowledge and a lack of information significantly hinder the development and implementation of effective climate adaptation strategies.

More content from this project

Language
English
Authorship
María José Valverde
Elizabeth Tamayo Tabares
Gabriel Umana
Thomas Neumann
Blandine Arvis
Adeline Cauchy
Imane Bourkane
Funding
Published by
Year
Dimension
77 pp.
Project
Project ID
Table of contents
Keywords
climate resilience, environmental goals, sustainable development, economic growth, governance regulation, risk assessment, investment needs, climate change risks, adaptation goals, financing strategies, European Union (EU)
Europe, Global South, Germany, France, Italy

Source URL: https://www.ecologic.eu/19650