The economics of adaptation: concepts, methods and examples

The Economics of Adaptation: Concepts, Methods and Examples is a guide for practitioners to assess economic benefits and costs of avoiding climate change damages through adaptation by developing these estimates using existing tools and data. Analyses of the costs and benefits of climate change impacts and adaptation measures are important to inform future action. Uncertainties about the future state of climate and its subsequent impact on social-economic systems makes decision-making process on adaptation measures complex. Despite increased attention to research on the economics of climate change adaptation in the last decade, there are still important gaps and weaknesses in the existing knowledge that limit effective and efficient decision-making and implementation of adaptation measures. In addition, limited attention to assessments at local levels where many adaptation actions need to be taken is a significant gap. This publication deals with ways of elaborating the fundamentals of economics of climate change adaptation. It then goes on to the current bottom-up approaches that aid decision-makers in assessing the costs and benefits of adaptation actions. The technical report has three prominent components, dealing respectively with theoretical concepts, practical examples and decision-making under uncertainty.

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