California climate adaptation trust fund: exploring the leveraging of cap-and-trade proceeds

Keenan, Jesse M.; Gumber, Anurag

doi:10.1007/s10669-019-09740-4

Cited by 5 publications

(2 citation statements)

References 33 publications

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“…Another exception includes work by several authors examining adaptation financing mechanisms in the US, such as regional resilience trust funds and credit banking schemes (Cousins & Hill 2021;Keenan 2018aKeenan , 2018bKeenan & Gumber 2019). These authors have provided valuable insights into the governance and institutional challenges for municipalities in developing novel financing mechanisms.…”

Section: Introductionmentioning

confidence: 99%

Stretching or conforming? Financing urban climate change adaptation in Copenhagen

Whittaker

Jespersen

2022

Buildings and Cities

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Cities worldwide are struggling to build resilience to the risks posed by climate change for their infrastructures, economies and quality of life. However, no city government has sufficient capacities to fund the adaptations required to ensure such resilience alone. Copenhagen's efforts to secure financing for adaptation and mitigation are investigated, focusing on its innovative arrangements for funding projects to protect against extreme rainfall and flooding. A mixed-methods approach explores how municipal actors and investors accessed finance for supporting transition to a climate-adapted city. Mobilising concepts from the multilevel perspective to analyse the governance and market conditions that facilitate or impede such financing, this paper contributes to sustainable transition theory and the assessment of different funding approaches. The case study confirms the comprehensiveness and effective implementation of the city's plans, especially its innovative financing product for adaptation to urban flooding. However, this approach has knock-on effects for tackling other climate hazards, partnerships and investment urgency. Although extreme rainfall events in 2011-13 opened a valuable 'window of opportunity' for change at the system landscape level, catalysing a radical shift in government policy and investment, this disruption did not elicit a commensurate response from the city's finance sector. PRACTICE RELEVANCESeveral challenges exist for municipalities and investors when financing urban adaptation. Innovation is needed not only in technology but also in approaches to financing and investment. A key strength of Copenhagen's adaptation approach lies in its innovative financing arrangements for funding an effective response to the risks of extreme rainfall, i.e. combining measures to protect against urban flooding with improvements in the urban public realm. A sustainable transition model can help guide cities in planning and funding adaptation to climate change. Recommendations include equal prioritisation by all actors of climate adaptation and mitigation; the removal of *Author affiliations can be found in the back matter of this article 975 Whittaker and Jespersen Buildings and Cities

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Section: Introductionmentioning

confidence: 99%

Stretching or conforming? Financing urban climate change adaptation in Copenhagen

Whittaker

Jespersen

2022

Buildings and Cities

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show abstract

“…They find that while the decision makers reported feeling that both methods accurately captured their preferences, the methodological techniques produce different results. Keenan and Gumber (2019) implement a portfolio model to identify the potential challenged and benefits of creating a state climate adaptation trust fund. Using California's cap and trade revenue as an example, the authors estimate the size and performance of such a fund, and discuss the challenges and opportunities associated with its implementation and management.…”

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confidence: 99%

Innovation of risk analytics for technology and society

Collier¹,

Lambert

Linkov

2019

Environ Syst Decis

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Adaptation Finance: A Review of Financial Instruments to Facilitate Climate Resilience

Bose

2021

The Palgrave Handbook of Climate Resilient Societies

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California climate adaptation trust fund: exploring the leveraging of cap-and-trade proceeds

Cited by 5 publications

References 33 publications

Stretching or conforming? Financing urban climate change adaptation in Copenhagen

Stretching or conforming? Financing urban climate change adaptation in Copenhagen

Innovation of risk analytics for technology and society

Adaptation Finance: A Review of Financial Instruments to Facilitate Climate Resilience

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