Climate Adaptation and Land Value Capture: Exploring alternative ways of financing Adaptation
The response to climate change used to focus on mitigating climate change. However, there is growing attention in the policy world towards adaptation efforts. This attention towards climate adaptation is vital as it has become clear that with the already built-up level, we will experience some climate change-induced problems (Ahmed, 2012). Cities are one of the places where these effects are most apparent. Weather extremes cause problems within contemporary built environments that are often unprepared for the ongoing crisis (Dunning, 2020). Modern-day urban environments have to deal with weather extremes; for the Netherlands, this means dealing with Drought, Heat stress, flooding, and water nuisance. Therefore cities need to adapt, and in the Netherlands, this is the municipality's responsibility. However, urban climate adaptation often presents unique challenges because there is little space to work with, and the available space is contested, making it an expensive task. Moreover, municipalities are the institutions that currently have to finance adaptation efforts, while this has not been met by an increase in public financing (Luttik, 2000). Therefore, municipalities actively look at alternative ways to finance their adaptation policies. One of the possibilities lies in the use of Land Value Capture.
Faculteit der Managementwetenschappen