ECONADAPT

ECONADAPT – Economics of climate change adaptation in Europe

Good Practices Category

Good Practices Summary

The ECONADAPT Toolbox. This toolbox provides easy-accessible information on the economic assessment of adaptation.

Mitigation

Climate change impacts are increasing and becoming widespread. Decision makers need adequate support tools to inform about climate change adaptation actions. Assessments of adaptation actions can provide valuable information on the value, efficiency and feasibility of adaptation projects and strategies. This toolbox provides easily accessible information on the economic assessment of adaptation.

Replicability/Knowledge Transfer

The ECONADAPT project has developed a policy-led approach to frame the research and policy analysis, and then focused on the practical application of adaptation economics to applied near-term adaptation decisions which have, for both short- and/or long-term decisions. This includes focusing on low-regret options and iterative risk management.

The project has collated the knowledge base on the costs and benefits of adaptation.

It has also developed the project and policy appraisal frameworks for application in the developing country context, particularly in relation to international climate finance, and undertaken a series of practically focused case studies that demonstrate economic appraisal in developing country contexts. The project compiled all the information, methods, insights and guidance into the policy toolbox, and also in a web-based library.

Resources

The toolbox is available in the following link: https://econadapt-toolbox.eu.

The Toolbox provides easy access to information on the economic assessment of adaptation actions. The structure consists of an entry page with four guiding questions which lead the different user groups to the relevant information: focusing on policy challenges in different adaptation situations, background information on different methods suitable for economic assessment of adaptation, detailed information on the case studies/ examples and concrete cost and benefit estimates for adaptation. For further user guidance an “Easy Access Guide” was developed which filters the available information according to six context criteria, which can be selected by the visitor. Feedback from stakeholders was included at different stages in the development of the ECONADAPT Web-Toolbox.

Target Audience

Policy Implications

Adaptation is a dynamic process, which starts with the consideration of current climate variability and considers future climate change over longer periods of time. The effective treatment of uncertainties associated with these multiple time horizons is a critical component of adaptation decision-making. The ECONADAPT Toolbox presents guidance on a range of available methods that can be used to factor in these dimensions and support adaptation decision-making.

Social Dimension

The project has its focus on the economic rather than in the social dimension. ECONADAPT has focused on quantitative methods, given their role in the economic appraisal of adaptation. The project has reviewed and tested different decision support methods, and has produced guidance on their applicability. This has included a focus on decision making under uncertainty methods, recognising this is as a key issue for adaptation. In any case, social dimension seems to be also covered. Actually, one of the projects objectives was to derive new and improved estimates of key economic parameters likely to influence economic assessments of adaptation, including those relating to social preferences across time and space. Methods for calculating the Social Costs of Carbon are detailed in the project.

Innovation Type

Methodology, Toolkit

Innovation

The project has made methodological advances in a range of many areas. It has developed adaptation economic methods for assessing adaptive capacity, undertaken primary survey work to understand public preferences for adaptation, and developed methods for the scaling, transfer and aggregation of cost and benefit values. The project has also applied decision making under uncertainty to adaptation economics, reviewing and producing summary information on methods, and undertaking example applications. ECONADAPT has applied these methodological advances to a series of policy domains, focusing on the major priorities for adaptation economics over the next decade.

Outcome/Barriers

The toolkit is relevant for policy makers and economists looking to implement and adjust methods to their situation or simply for gathering information on how to interpret results and methodological approaches. It provides in particular information on methodologies, data and evidence through case studies (called Insights). While most useful for practitioners and economists, the Toolbox may be of interest to a wider group of experts, stakeholders, and students interested in climate change adaptation.