Previous apathy reflected, among other things, a lack of reliable data on climate risks and the perception that adaptation offers low returns. The mood is shifting
Environment Programme reckons that annual adaptation costs in poor countries alone are likely to rise from around $70bn today to $140bn-300bn in 2030, and twice that by 2050, in nominal terms. It seems likely that private investors will have to get more involved. According to the Climate Policy Initiative, an expert body, they contributed a paltry 2% to global adaptation spending in 2018.
In hurricane-prone Florida a study of insurance data found that new buildings adhering to a stricter building code suffered far less damage, yielding $3.50 in benefits for every dollar in extra compliance costs. A recent report by the Global Commission on Adaptation , anof worthies that include Bill Gates, identified $1.8trn in investments that could deliver net benefits of $7.1trn by 2030.
The trickle of investment into climate adaptation could turn into a torrent as companies are forced to disclose climate-related risksis moving towards mandatory disclosure. In America, President Joe Biden issued an executive order in May along the same lines, and the Securities and Exchange Commission is expected to unveil a related proposal soon.
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