The Economics of Climate-Resilient Development
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The Economics of Climate-Resilient Development

Edited by Sam Fankhauser and Thomas K.J. McDermott

Some climate change is now inevitable and strategies to adapt to these changes are quickly developing. The question is particularly paramount for low-income countries, which are likely to be most affected. This timely and unique book takes an integrated look at the twin challenges of climate change and development. The book treats adaptation to climate change as an issue of climate-resilient development, rather than as a bespoke set of activities (flood defences, drought plans, and so on), combining climate and development challenges into a single strategy. It asks how the standard approaches to development need to change, and what socio-economic trends and urbanisation mean for the vulnerability of developing countries to climate risks. Combining conceptual thinking with practical policy prescriptions and experience the contributors argue that, to address these questions, climate risk has to be embedded fully into wider development strategies
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Chapter 6: Assessing climate-resilient development options

Paul Watkiss and Alistair Hunt


Paul Watkiss and Alistair Hunt 6.1 INTRODUCTION In this chapter we set out some key considerations with respect to assessment methods for climate- esilient development. A key focus has been to r capture the changes that have occurred over recent years in three areas: (1) the framing of adaptation; (2) methodological challenges; and (3) considering uncertainty in economic appraisal. In each case, we summarize the current state of knowledge and emerging thinking on assessment methods. The chapter proceeds as follows. In Section 6.2 we outline a number of important challenges for the assessment of climate- esilient development, r highlighting the lack of relevance of older studies, and how these issues are now being addressed. In Section 6.3 we update the state of knowledge on a number of the key methodological challenges for adaptation assessment, highlighting that with mainstreaming, many of these are reduced. In Section 6.4 we investigate the methods that are being adopted for economic appraisal of adaptation, extending existing approaches to address uncertainty. Conclusions are presented in Section 6.5. 6.2 POLICY RELEVANCE AND ADAPTATION ASSESSMENT Most of the earlier literature on the economics of adaptation used scenario- ased ‘impact assessment’ (see Markandya and Watkiss, 2009). b Such studies adopt a logical, scientific and sequential approach, starting with global future socio-conomic scenarios and climate model projece tions, then assessing future impacts and costs from climate change. The analysis of adaptation is then considered as the final step in this chain, with the potential consideration of costs and benefits, and...

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