Understanding the economics of climate adaptation in Trinidad and Tobago
The Inter-American Development Bank (IDB) has issued an economics of climate change adaptation study for Trinidad and Tobago that can be applied to the broader Caribbean region, along with the information regarding how to implement such a study. 'Understanding the Economics of Climate Adaptation in Trinidad and Tobago' identifies climate change risks for Trinidad and Tobago, assesses expected loss, identifies possible adaptation measures, and provides a decision-making framework for prioritizing adaptation action. The study identifies expected climate change risks for Trinidad and Tobago generally and by their potential impacts on six priority sectors, namely agriculture, human health, human settlements, coastal zones, water resources and energy. The study: calculates the economic impact of probable damages; identifies possible adaptation actions to reduce impacts and possible barriers to their implementation, and calculate their costs/benefits; and prioritizes adaptation measures. The prioritization was carried out through weighted scoring taking into account: the ability of the measure to decrease climate change impacts; the urgency for implementing a measure in order to gain maximum benefit; "no regret" strategies that can be justified in economic terms even without climate change; positive secondary effects; and possible climate change mitigation co-benefits.