Finding&the&$&for&Climate&Adaptation - PowerPoint PPT Presentation

Finding&the&$&for&Climate&Adaptation Charles(S.(Colgan Director(of(Research

1. Mitigation*is*MUCH*cheaper*than* adaptation. 2. Climate*change*and*SLR*projections* understate*the*risks. 3. You*are*already*doing*adaptation… Things'to' 4. There*is*more*money*than*you*think,* but*less*than*what*will*be*needed. remember 5. You*are*underinsured 6. Adaptation*is*a*multiJdecade* response 7. Public*and*private*resources*will* both*be*needed

• Michael(Oppenheimer,(IPCC If(humanity(manages(to(quickly(lower(its( carbon(pollution(in(the(next(few(decades,( then(sea?level(rise(by(2100(may(never( exceed(about(one(foot,(the(report(says.( This(will(be(tough(but(manageable,( Oppenheimer(said.(But(if(carbon( pollution(continues(rising(through(the( middle(of(the(century,(then(sea?level(rise( by(2100(could(exceed(2(feet(9(inches.( Then(“the(job(will(be(too(big,”(he(said.(“It( will(be(an(unmanageable(problem.”

Comparison6of695th6percentile6SLR6for6Monterey6by6RCP6Scenario 120 100 80 Centimeters 60 40 20 0 2010 2020 2030 2040 2050 2060 2070 2080 2090 2100 4.5

It’s%all%about%the%packaging

Who$Pays? Public Private 1 2 Benefits(are(purely(public Private(funds(provide(benefits(greater(than( Cannot$be$meaningfully$divided$ the(private(funder(realizes among$users$to$allocate$costs • Impact$Investing Options( Green$Bonds • Public General$Tax$Revenues Private(organization(created(to(share(benefits( General$Obligation$Bonds among(organization(members/funders Specialized Consumption$Tax • Hazard$Assessment$Districts • Tax$Increment$Financing$Districts Who$Benefits? Water/Sewer • Stormwater • 3 4 Private$charges for$service$in$proportion$to$ Publicly subsidized(private( private$benefits expenditures Goods/Service$Charges • Tax$Subsidies Insurance/Reinsurance • • Private Income Tax$Credits Catastrophe$Bonds/Resilience$Bonds • Property$Tax$Credits Revenue$Bonds • Moral$Obligation$Bonds •

Already(doing(adaptation • Barriers • Green)and)Grey • Structures • Retreat

Two$Phases$of$Planning:$$Pre$and$Post$Disaster

Box$1:$Public$Benefits2Public$Finance • Infrastructure+spending • Pre=Disasters:+Grey+&+Green • Types • Corps+of+Engineers • Transportation • Wetlands+Restoration+Funds • Water • FEMA+Pre=Disaster • Energy • Other? • Opportunities • Post=Disasters • Updates/Upgrades • FEMA+Flood+Mitigation • Reconstruction • New+construction • Emergency+Appropriations • Recovery+construction

Box$2:$$Private$Pays,$Public$ Box$3$$Public$Pay,$Private$Benefit Benefits • Emergency$Appropriations • Impact$Investing • Tax$deductions • For$recovery • For$conservation

Private(Pay(Private(Benefits • Infrastructure+Finance • Insurance • Special+Purpose+Districts • Pre+Disaster • Tax+Increment+Financing+Districts • FEMA+Community+Rating+System • Post+Disaster • Flood+Control+Districts • Storm+Water+Districts • Flood+Insurance • P3 • Catastrophe+Bonds • Resilience+Bonds

Flood%Insurance:%Changes%are%inevitable

The$Future$of$Flood$Insurance • Premiums(have(to(go(up • Modernizing(Flood(Maps • 100(Year(Flood(Plain • Increasing(cost(will(reduce(demand • Community(Rating(System(Offset • RLP’s(and(Managed(Retreat • The(takings(problem • Private(Flood(Insurance(and(Public(Reinsurance

Creating)a)Finance)Package) That)Works • It’s%flood%protection%but%can%provide% multiple%benefits • Flood%protection%as%co6benefit • It’s%a%multi6decade%process • How%can%disasters%reduce%vulnerability • What%might%not%work%now%might%work%in% a%decade • Think%outside%the%NOFA • Combine%public%and%private%resources • Create%new%jurisdictions%to%achieve%scale% and%go%global • Policy%Reforms • NFIP • Recovery%6>%Resilience