“…The factors that are investigated by economists (Broto, 2020;Ghofrani, Sposito, and Faggian, 2020) in line with the smart city concept are energy self-sufficiency, smart construction technologies, infrastructural systems as well as air quality, especially as part of the smart environment concept (Orłowski and Rosińska, 2018). All of these are also elements of urban and climate resilience (Aguiar, Bents, Silva, Fonseca, Swart, Santos, and Penha-Lopes, 2018;Kumar, Deka, and Kumari, 2020;Lorenz, Dessai, Forster, and Paavola, 2017), hybrid development (Drobniak, Jania, and Plac, 2017;Drobniak, 2018) and climate adaptation in urban and regional studies (Kythreotis, Jonas, and Howarth, 2020). In the practice of urban governance, weather derivatives are used to reduce the risk associated with meteorological events (Czekaj, 2016) -they are used widely by local authorities in highly developed countries.…”