When the bill comes due: climate risk plans are not prepared to fund themselves

Hardaway K.; Villaverde-Canosa I.; Glenn D.; Logan T. · Environmental Research Communications (2026) · DOI: 10.1088/2515-7620/aea478

Resumen

Amidst urgent global calls for climate action, city governments face a problem: although they increasingly recognize the necessity of climate adaptation, the financial strategies essential for implementing these plans remain largely neglected. Such oversight undermines climate adaptation. To understand how cities are considering financial risks in the context of climate risk, we reviewed 151 city-level climate risk reports from 143 cities internationally concerning their adaptation costs, climate risk costs, insurance costs, and who would pay for adaptation. In terms of financial risks, 73% of reports acknowledged that climate change would impact their local economies. However, less than half of the reports identified how to pay for a plan, and even fewer identified who would pay for the plan. Given this context, we highlight a need for risk assessors to develop strategies to integrate climate and financial risks at the local level. We also identify trailblazing cities with effective climate financing strategies underway.

Instituciones: Pontificia Universidad Católica del Perú