Glasgow City Region Climate Adaptation Strategy and Action Plan
What needs to happen:
3.1 Strategic use of public sector funds to attract private sector investment with public institutions taking a more commercial approach to spending, to lever in private sector investment. Such approaches should seek co-benefits with other places/projects, designing co-mitigation and adaptation opportunities where feasible, creating innovative financing structures and new instruments to address private sector investment risks and focusing on increasing the scale and replicability of adaptation options. 3.2 A Regional Adaptation Finance Strategy and Action Plan that sets out how to mobilize the required finance to deliver this Strategy. This should examine how to increase the public sector’s fiscal flexibility (e.g. through debt finance such as green or resilience bonds), crowd in private sector investment and the strategic role of wider government-led green finance initiatives, such as the Green Investment Portfolio and the Scottish National Investment Bank. It should map the possible actors involved in the climate finance landscape and potential financing approaches, including the applicability of new finance models and instruments. The plan should also consider how changes to charges or subsidy regimes could be used to mobilize and direct finance towards most vulnerable households. It should scope the most appropriate delivery mechanisms, drawing on examples from other places including Greater Manchester and London. 3.3 Mapping and measurement of regional adaptation finance flows to build understanding of the region’s finance requirements for adaptation, by developing methods to measure the amount of funds spent on adaptation and the estimated adaptation needs at the regional level. 3.4 Piloting of new approaches to transformative adaptation finance with the establishment of an ‘Adaptation Climate Finance Lab’ to incubate and innovate ideas. This will help bring together various actors, including a marketplace to help match finance to adaptation interventions. It will support the architecture for new adaptation financing models, and pilot, test, learn and up-scale the elements above, i.e. around new instruments and innovative structuring. This iterative approach will help develop solutions and bankability for adaptation strategies, for both incremental and transformational adaptation.
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