Understanding Regional Viewpoints on the Willingness of Private Developers to invest in Climate Adaptation
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2023-08-22
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en
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As coastal cities face increasing threats from climate change, the need for climate adaptive infrastructure becomes crucial. While much research has been conducted on public sector adaptation, the integration of adaptation measures into the private sector remains poorly understood (ten Brinke et al., 2022). This study highlights the challenges posed by flooding and sea-level rise conducting a case study in Charleston, where the frequency of flooding has intensified in recent years. Rising sea levels can significantly impact the built environment and the local economy, particularly the real estate sector (Buckman & Sobhaninia, 2022). Recognizing the urgency of these challenges, the City of Charleston has implemented various strategies and initiatives to address climate adaptation (Climate Action Plan | Charleston, SC - Official Website, n.d.).
However, climate resilience efforts cannot rely solely on public initiatives, and the involvement of private developers is crucial (Dunning & Lord, 2020). Understanding their willingness to invest in climate adaptive measures is essential for building resilient urban areas. Therefore, this study aims to fill the knowledge gap by examining the factors that influence private developers’ decision-making processes and identifying any obstacles they face in financing climate adaptation projects. The following research question is therefore formulated:
“Under which conditions are private developers more willing to invest in climate adaptation investments in Charleston, South Carolina?”
To answer this question, a conceptual framework was initially created based on an extensive literature review. To assess the relevance and validity of this framework, an analysis of policy documents was undertaken, and interviews were conducted with private developers, public officers, and experts within the development sector. In this research the financing aspects of climate adaptation will be examined as urban financial models often fail to account for climate change adaptation. Therefore, this study will describe the potential of Land Value Capture (LVC) as a tool for financing climate adaptive infrastructure, which involves capturing increased land value resulting from public investments or external factors (Muñoz Gielen & Krabben, 2019). Through the comprehensive analysis of qualitative data and interviews, this study will try to gain insights into the motivations of private developers in Charleston regarding their involvement in financing climate adaptive measures. It also investigates the potential incentives that could encourage private developers to invest in climate adaptation and examines how climate adaptation projects are currently being financed in Charleston.
By examining the experiences of Charleston in adapting its infrastructure to climate change impacts, this research seeks to provide valuable insights and guidance for other coastal cities facing similar challenges. The goal of this research is to contribute to the understanding of private sector engagement in climate adaptive infrastructure and to support the development of resilient cities facing climate change.
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Faculteit der Managementwetenschappen