Using Market-Based Instruments to Enhance Climate Resilience

Baumber, A; Metternicht, G

Using Market-Based Instruments to Enhance Climate Resilience

Baumber, A

Metternicht, G

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Publisher:: Springer Nature
Publication Type:: Chapter
Citation:: The Palgrave Handbook of Climate Resilient Societies: Volumes 1-2, 2022, 2, pp. 2163-2189
Issue Date:: 2022-01-01

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Field	Value	Language
dc.contributor.author	Baumber, A https://orcid.org/0000-0001-8560-8661
dc.contributor.author	Metternicht, G
dc.date.accessioned	2023-07-18T00:36:16Z
dc.date.available	2023-07-18T00:36:16Z
dc.date.issued	2022-01-01
dc.identifier.citation	The Palgrave Handbook of Climate Resilient Societies: Volumes 1-2, 2022, 2, pp. 2163-2189
dc.identifier.isbn	9783030424619
dc.identifier.uri	http://hdl.handle.net/10453/171559
dc.description.abstract	Market-based instruments have been used extensively in areas such as carbon trading, biodiversity conservation, watershed protection, urban planning, and renewable energy to address market failures, to increase the cost-effectiveness of public spending, and to leverage new sources of funding for social and environmental objectives. However, they are yet to be widely applied to climate change adaptation, or to practices that enhance the resilience of communities dealing with climatic extremes and disasters. The potential exists to utilize market-based instruments to enhance climate resilience by promoting land uses such as wetlands, mangrove forests, urban green space, and physical infrastructure that can act as buffers against projected increases in storm surges, high rainfall events, heat waves, and wildfire. The role of market-based instruments in generating income, employment, and community engagement may also enhance the social capital needed for communities to cope with extreme events. Previous experience with market-based instruments provides policy-makers working on climate resilience with evidence on what has worked in other contexts and where problems have arisen around the use of such instruments. Combining environmental economics and resilience theory also requires careful consideration to be given to the key assumptions that underpin these different approaches, such as the tension between efficiency as an overarching goal in market economics and the value placed on redundancy and diversity by resilience scholars. This chapter explores these tensions and outlines a set of principles for adapting existing market-based instruments or using them as models for the design of new instruments aimed at enhancing climate resilience.
dc.language	en
dc.publisher	Springer Nature
dc.relation.ispartof	The Palgrave Handbook of Climate Resilient Societies: Volumes 1-2
dc.relation.isbasedon	10.1007/978-3-030-42462-6_7
dc.rights	info:eu-repo/semantics/closedAccess
dc.title	Using Market-Based Instruments to Enhance Climate Resilience
dc.type	Chapter
utslib.citation.volume	2
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Provost
pubs.organisational-group	/University of Technology Sydney/Provost/TD School
utslib.copyright.status	closed_access	*
dc.date.updated	2023-07-18T00:36:15Z
pubs.publication-status	Published
pubs.volume	2

Abstract:

Market-based instruments have been used extensively in areas such as carbon trading, biodiversity conservation, watershed protection, urban planning, and renewable energy to address market failures, to increase the cost-effectiveness of public spending, and to leverage new sources of funding for social and environmental objectives. However, they are yet to be widely applied to climate change adaptation, or to practices that enhance the resilience of communities dealing with climatic extremes and disasters. The potential exists to utilize market-based instruments to enhance climate resilience by promoting land uses such as wetlands, mangrove forests, urban green space, and physical infrastructure that can act as buffers against projected increases in storm surges, high rainfall events, heat waves, and wildfire. The role of market-based instruments in generating income, employment, and community engagement may also enhance the social capital needed for communities to cope with extreme events. Previous experience with market-based instruments provides policy-makers working on climate resilience with evidence on what has worked in other contexts and where problems have arisen around the use of such instruments. Combining environmental economics and resilience theory also requires careful consideration to be given to the key assumptions that underpin these different approaches, such as the tension between efficiency as an overarching goal in market economics and the value placed on redundancy and diversity by resilience scholars. This chapter explores these tensions and outlines a set of principles for adapting existing market-based instruments or using them as models for the design of new instruments aimed at enhancing climate resilience.

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http://hdl.handle.net/10453/171559