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    Economic Analysis of Climate-Proofing Investment Projects
    Economic Analysis of Climate-Proofing Investment Projects
    Economic Analysis of Climate-Proofing Investment Projects
    Ebook182 pages1 hour

    Economic Analysis of Climate-Proofing Investment Projects

    By Asian Development Bank

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    About this ebook

    Climate change represents an increasing threat to the continued development of the people, preservation of ecosystems, and economic growth of Asia and the Pacific. Mainstreaming climate risk management in all aspects of development is thus key to an effective transition to climate-resilient development pathways. ADB's climate risk management framework aims to reduce risks resulting from climate change to investment projects in Asia and the Pacific. A key step in this framework is the technical and economic valuation of climate-proofing measures. This report describes the conduct of the cost-benefit analysis of climate proofing investment projects. An important message is that the presence of uncertainty about climate change does not invalidate the conduct of the economic analysis of investment projects, nor does it require a new type of economic analysis. However, the presence of uncertainty does require a different type of decision-making process in which technical and economic expertise combine to present decision makers with the best possible information on the economic efficiency of alternative designs of investment projects.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateSep 1, 2015
    ISBN9789292570781
    Economic Analysis of Climate-Proofing Investment Projects

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      Book preview

      Economic Analysis of Climate-Proofing Investment Projects - Asian Development Bank

      ECONOMIC ANALYSIS OF CLIMATE-PROOFING INVESTMENT PROJECTS

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2015 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 632 4444; Fax +63 2 636 2444

      www.adb.org; openaccess.adb.org

      Some rights reserved. Published in 2015.

      Printed in the Philippines.

      ISBN 978-92-9257-077-4 (Print), 978-92-9257-078-1 (e-ISBN)

      Publication Stock No. RPT157588-2

      Cataloging-In-Publication Data

      Asian Development Bank.

                        Economic analysis of climate proofing investment projects

      Mandaluyong City, Philippines: Asian Development Bank, 2015.

      1. Climate change 2. Risk management 3. Adaptation I. Asian Development Bank.

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of said license as well as the Terms of Use of the ADB Open Access Repository at openaccess.adb.org/termsofuse

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Attribution—In acknowledging ADB as the source, please be sure to include all of the following information:

      Author. Year of publication. Title of the material. © Asian Development Bank [and/or Publisher]. https://openaccess.adb.org. Available under a CC BY 3.0 IGO license.

      Translations—Any translations you create should carry the following disclaimer:

      Originally published by the Asian Development Bank in English under the title [title] © [Year of publication] Asian Development Bank. All rights reserved. The quality of this translation and its coherence with the original text is the sole responsibility of the [translator]. The English original of this work is the only official version.

      Adaptations—Any adaptations you create should carry the following disclaimer:

      This is an adaptation of an original Work © Asian Development Bank [Year]. The views expressed here are those of the authors and do not necessarily reflect the views and policies of ADB or its Board of Governors or the governments they represent. ADB does not endorse this work or guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

      Please contact OARsupport@adb.org or publications@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Note: In this publication, $ refers to US dollars.

      Contents

      Tables, Figures, and Boxes

      TABLES

      FIGURES

      BOXES

      Abbreviations

      Foreword

      Climate change is a central challenge to development in Asia and the Pacific. Its impacts are already being felt. Sea levels are rising, glaciers are melting, temperatures are increasing, and rain patterns are changing, threatening the water, food, and health security of the region. Numerous countries of the region are among the most vulnerable to the adverse impacts of climate change globally, with poor and marginalized communities likely to be the most severely impacted.

      Adjusting to the need for climate-resilient development will mean integrating responses to the physical, social, and economic impacts of climate change into all aspects of development planning and investment. The long-term strategic framework of the Asian Development Bank (ADB), Strategy 2020, and its climate change strategy, Addressing Climate Change in Asia and the Pacific: Priorities for Action, confirm ADB’s commitment to support developing member countries in Asia and the Pacific in addressing the increasing challenges posed by climate change and to build a climate-resilient region. As ADB continues to support significant infrastructure investments in the region, ADB also seeks to enhance the climate resilience of vulnerable sectors by climate proofing investments and ensure intended development outcomes are not compromised by ongoing and projected climate change.

      The complexity and uncertainty of the factors that define climate risks and vulnerability, particularly at a project scale makes climate proofing a challenging activity for scientists, engineers, economists and decision makers. ADB is developing a set of technical resources to assist both its own operational staff and developing member countries in managing climate-related risks and vulnerability throughout the project cycle. This set encompasses climate risk screening tools, technical guidelines for climate proofing investments in critical development sectors (e.g., transport, agriculture, and energy), and knowledge products capturing our experiences with climate proofing investment projects. These resources reflect ADB’s as well as development partners’ growing experience in using a wide range of approaches, methods, and tools aimed at increasing climate resilience in the region. It is hoped that these resources will also be of support and of interest to a much wider community of individuals and organizations addressing climate change risks.

      This report aims to clarify how the economic analysis of climate-proofing measures can inform the design of investments. An important message of this report is that the principles guiding the economic analysis of climate proofing investment projects do not fundamentally differ from the principles guiding the economic analysis of any other investment project. However, decision-making processes need to account for the uncertainty associated with

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