Glasgow City Region Climate Adaptation Strategy and Action Plan
3. Developing innovation for adaptation. There are emerging opportunities for adaptation and these can be developed through a cycle of innovation. There is a role to demonstrate new approaches working with new combinations of actors. This can be developed through partnerships including local research institutions and national and European research funders, local, Scottish and UK government, and the private sector. This would also position Glasgow City Region as an innovation hub for the emerging adaptation economy and subsequent opportunities. A summary of a first order mapping of the interventions in this Adaptation Strategy to existing public sector finance – grants/debt/equity/tax to raise debt – is shown in Figure 26 below. Most of the 11 interventions will need some degree of public funding for their implementation. At the same time, the types of public funds and financing can be broadening significantly, to move away from simple grants, to multi-year, larger scale debt financing, equity financing and user charges. Furthermore, given likely constraints to public funds, available grant based public funds can be targeted towards essential public good and services without commercial opportunities, but also to interventions that can lever in new private sector investments. Such actions can create further economic opportunities and help drive green job creation.
Intervention
1 2 3 4 5 6
7
8
9 10
11
Sources of public finance – financing instrument used Grants
Debt
Equity
Tax to raise debt (including user charges)
Fig.26. Financing instruments for public finance mapped to the Adaptation Strategy interventions.
To deliver on the scale and urgency of finance needed for transformational adaptation in Glasgow City Region, a structure that integrates available sources of finance with new and innovative finance structures is proposed, i.e. towards transformative finance. This focuses on blended finance and new financial instruments for adaptation, using a more systems-based approach, to drive progressive adaptation interventions. Doing this requires the private, public and third sectors to design a process for mobilizing public and private resources for innovation, making a broader range of financing instruments and models accessible, as well as developing long-term transformative financing solutions that are aligned to the different interests and requirements of the public and private sectors.
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