Funding and financing The overall case for taking action to address the future risks – and economic costs – of climate change in the region is strong. In preparing the Strategy, the Resilient Regions: Clyde Rebuilt project team assessed the economic case for action across the 11 intervention areas. Each individual intervention has a positive economic case, and together as a portfolio, they are estimated to deliver very large net economic benefits.
Intervention
Economic case
1. Reform, reshape and expand governance mechanisms to respond to adaptation needs, nurture new leadership, and create expectations in society 2. Develop the ability of organizations, businesses and communities to adapt
Good (enabling activity) Good (enabling activity)
Very strong
3. Increase adaptation finance through leverage and innovation
4. Enable and equip communities to participate in adaptation, focusing on the most vulnerable 5: Embed reflection, monitoring, evaluation and learning into adaptation action
Strong
Good (enabling activity)
Strong
6. Adapt the Clyde corridor for the twenty-second century
Very Strong
7. Enhance early warning and preparedness for floods and heatwaves
8. Ensure everyone’s homes, offices, buildings and infrastructure are climate resilient 9. Deliver nature-based solutions for resilient, blue-green ecosystems, landscapes and neighbourhoods 10. Enhance regional decision-making and establish Glasgow City Region as a global research and knowledge adaptation hub
Strong
Strong
Good (enabling activity) Good (enabling activity)
11. Begin the transition to an economy resilient to future climate impacts
Overall Adaptation Strategy
Strong
However, delivering them will require finance. Successfully unlocking the finance for Glasgow City Region’s Adaptation Strategy, Action Plan and Innovation Portfolio, and thus bridging the adaptation finance gap, will require three strategies, working in partnership with local, national and UK actors. 1. Increasing public investment and creating the conditions for adaptation. There are some adaptation activities and investments that require (and justify) public intervention, because of market failures or because they involve investments where there is limited private sector interest. In these cases, public investment can support core adaptation. However, there are also opportunities to use public funds to create the enabling environment for actions by the private sector and others. 2. Encouraging public organizations operating in Glasgow City Region to move towards a more commercial mindset. There are opportunities to use public funds or assets to support public-private sector partnerships or unlock investment from the private sector for adaptation. These opportunities could be very significant.
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