Cost-effective and fair climate change adaptation: Deploying nature-based solutions in urban areas
This article is a preprint and is currently undergoing peer review by UCL Open: Environment.
Abstract
Global warming is increasing extreme weather events and the need for climate adaptation especially in densely populated cities. Nature is increasingly recognised as an important solution, as well as providing co-benefits (e.g. improving biodiversity and air quality). Experience with Nature-based Solutions (NbS) is growing; however, the value of this experience may be limited as most projects are in the Global North and intended to manage intense precipitation rather than the heat stress and coastal hazards that are more prevalent in the Global South. NbS is very location specific, and enhanced local consultation is needed both for technical design and to limit possible negative social consequences.
Many NbS projects provide public goods and hence are implemented by public actors. Consequently, it is essential to include NbS in urban planning and find additional funding for municipal budgets. More priority can be given to NbS through green budgeting, Master Planning, and communication of climate risks to stakeholders. Funding for cities can be increased through green and sustainability-linked bonds and the co-sponsorship of projects with community organisations. Adaptation increases property prices, also justifying levies on building owners for the protective NbS investments. NbS investments also take place on private property. Investment on buildings (such as green roofs) could be accelerated with blended finance, combining grants with commercial bank loans. Zoning and building standards can also require private real estate developers to include NbS.
In conclusion, this paper illustrates the many measures that can be taken to further “green” decision-making in cities and financial institutions.
Keywords: Urban climate adaptation, Nature-based Solutions, Urban planning, Municipal finance, Green bonds, Blended finance, Land-value capture., Land-value capture