World Bank Launches Economics of Adaptation to Climate Change Synthesis Report
3 August 2010: The World Bank has released the Synthesis Report of the study titled "The Economics of Adaptation to Climate Change," which estimates the costs of adaptation between US$70-100 billion per year between now and 2050.
Among the lessons from seven case studies and a global study, the report highlights that eliminating poverty is central to both development and adaptation, since poverty exacerbates vulnerability to weather variability as well as climate change. It also recommends that governments do not rush into making long-lived investments in adaptation unless these are robust to a wide range of climate outcomes or until the range of uncertainty about future weather variability and climate has narrowed. The study argues that investments should start with low-regret options, with measures that tackle the weather risks that countries already face, such as increased investment in water storage in drought-prone basins or protection against storms and flooding in coastal zones and/or urban areas.
The study was funded by the Governments of the UK, the Netherlands, Switzerland and the World Bank. [The Synthesis Report of the Study]