ADBI Webinar Series on the Economics of Climate Change Episode 1: Promoting Climate Adaptation with Fiscal Policies

22 November 2023 Online

Time of Event

10:00–11:00 Tokyo time

Summary

Nationally Determined Contributions under the Paris Agreement point toward global warming beyond 2°C by the end of the century. Research from the Intergovernmental Panel on Climate Change indicates that climate risks will intensify with each tenth of a degree. Such trends show that climate will continue to change even with mitigation actions. Consequently, adaptation to climate change, which refers to economic and social adjustments to the current and future effects of climate change, is critical. 

Adaptation approaches anticipate the adverse effects of climate change and support actions to minimize the damage of climate change and take advantage of opportunities that may arise. Usual examples of adaptation measures include large-scale infrastructure modifications, such as building defenses to protect against sea-level rise, but there are many other ways to build climate resilience.

Fiscal policies, which include government spending and taxation, are powerful instruments to support adaptation to climate change. These can directly prioritize public investment in adaptation programs with positive externalities. Climate risks and adaptation plans can also be mainstreamed into all public finance management steps. How can the fiscal space be used to promote adaptation actions and investments? What are the key steps to be taken to design adequate adaptation solutions with fiscal policy?

Episode 1 of the ADBI Webinar Series will focus on promoting climate adaptation with fiscal policies. Discussions will explore the use of these policies to help build adapted and resilient economies and focus on the instruments to determine the best government actions to facilitate adaptation to climate change.

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