From funding to financing: perspectives shaping a research agenda for investment in urban climate adaptation

ABSTRACT

There is growing recognition of the importance of funding and financing arrangements to enable climate change adaptation in cities. However, there has been little critical analysis into the underwriting and governance mechanisms necessary support broader scaled application. Through surveying recent literature, this article offers conceptual clarity for understanding emerging adaptation finance mechanisms that intersect with urban governance, planning, and management functions. The article assesses two key conceptual domains: (i) the distinction between adaptation funding and financing and (ii) the synergies, conflicts, and trade-offs associated with mobilizing adaptation investments in the private sector. The article argues that a clearer delineation of these two domains will clarify the objectives, mechanisms, and larger governance implications of investment in urban adaptation. This article provides a roadmap for future scholarly inquiries that may advance the conceptual and analytical discipline necessary to evaluate the feasibility and desirability of investments from often-conflicting perspectives, interests, and actors.

KEYWORDS:

• Climate change adaptation
• cities
• adaptation finance
• funding
• urban governance
• social equity

Disclosure statement

No potential conflict of interest was reported by the authors.

Additional information

Notes on contributors

Jesse M. Keenan

Jesse M. Keenan is a social scientist and a member of the faculty of the Graduate School of Design at Harvard University.  Keenan's principle research focus is on climate change adaptation and the built environment, including aspects of design, engineering, planning and financing. Keenan has previously advised on matters of the built environment for agencies of the U.S. government, governors, mayors, Fortune 500 companies, technology ventures, community enterprises and international NGOs.