Environmental Change Institute (ECI), University of Oxford

Great partnership for Dr Caitlin Hafferty, researcher with the Land, Society and Governance programme at the ECI.

The fiscal case for investing in adaptation is clear. Yesterday, we launched our new analyses on the role of fiscal policy in adaptation and resilience. The full report is now available: https://lnkd.in/erQ4dYmi Adaptation and growth are sometimes pitched in opposition, our new analyses challenges this assumption and lays out clear evidence of the fiscal benefits of investing in adaptation. A key conclusion is that there is a false dichotomy between debt sustainability, growth and investment in adaptation. The evidence also prompts us to move away from a focus on the 'numbers' - i.e. equating adaptation need to public investment gaps - and instead focus on the outcomes. Building resilience is not just about hard investments – like investing in sea walls – it requires effective fiscal and wider policies designed to absorb shocks when they occur, ensure countries can bounce back and recover quickly, and enable action across the wider economy. We outline for priority areas for fiscal policy: 💰 Integrate: integrating adaptation into the diagnostics that underpin debt sustainability and policy appraisal, into risk management and financing, 💰 Align: aligning public spending with climate resilience goals, 💰 Enable: enabling societal action through clear goals, effective policy and information 💰 Mobilise: maximising public finance through effective policy to mobilise private investment in adaptation Thank you to all those who attended our launch webinar, to our valued partners at the UN Environment Programme, Himanshu Sharma and Green Fiscal Policy Network, and to our excellent panellists: Dirk Heine, Cristina Rumbaitis del Rio and Joaquim L R Ferreira Leite. Many congratulations to my co-authors at the Environmental Change Institute (ECI), University of Oxford: Mark Bernhofen, Matt Burke, Mathias Weidinger, Juan Sabuco, Matthias Wildemeersch, Dr. Roosa Lambin, Akaraseth Puranasamriddhi and Roberto S.

The Institution of Civil Engineers (ICE) annual State of the Nation Report, focusses on challenges in transport, energy and water infrastructure. It draws attention to the deteriorating state of many infrastructure assets, which is a challenge that civil and infrastructure engineers around the world are all facing. State of the Nation is the ICE’s annual flagship report. It identifies critical issues of the day and draws upon the tremendous expertise in the ICE’s membership to provide authoritative and useful analysis. Sometimes the issues are very much in the public eye, like water in this year’s report, where we just heard today that water bills in England and Wales will go up by £10 per month on average to fund infrastructure investment. On the other hand, the ICE shines a spotlight on issues that we do not think are getting enough attention, like the safety and maintenance of ageing structures which we have focussed on this year. The ICE is an international organisation based in London, and the SOTN report leverages that international strength. This is a report whose policy audience will mostly be in the nations of the UK: Norther Ireland, Scotland, Wales and England. But we draw upon the tremendous international expertise within the ICE’s membership, making use of examples from around the world. We work in a globalized industry in a shrinking world. As was underlined during my presidential visit to Institution of Civil Engineers Hong Kong Association (ICE HKA) a couple of weeks ago, countries around the world are facing similar challenges, of climate change, ageing infrastructure, and high construction costs. We have so much to learn from each other. So I have no doubt that decision makers from around the world who get a chance to read this State of the Nation report will be able to learn lessons that are helpful for where they are, and they may also recognise some familiar case studies. Thank you to all of the great engineers to contribute to this year's report, and to the ICE Knowledge team who have delivered an important report.

Our new report is out! 🥳 Give it a read to find out why #climataadaptation is not only cost-effective but essential for long-term economic growth and human development more broadly. Here's the gist, summarised in 11 key insights: 1. Climate change and adaptation should be routinely integrated into fiscal risk analysis and debt sustainability analyses, including analysing the benefits of adaptation for fiscal space, fiscal resilience and sovereign credit ratings. 2. Cost of capital for sovereign financing instruments can be reduced through investment in adaptation, including implementing appropriate disaster risk financing strategies and sustainability-linked sovereign finance for adaptation. 3. Countries need appropriate adaptation taxonomies (or integration of adaptation within a green taxonomy) that are aligned with national goals. 4. Adaptation must be integrated with sustainable budgeting approaches, project procurement and project appraisal to identify where public expenditures could be more strongly aligned with national adaptation and nature goals. 5. Investment plans for adaptation and infrastructure should be formulated in collaboration with the private sector and civil society 6. Public spending should be targeted more carefully to mobilise private capital effectively and maximise the co-benefits from green infrastructure investment to society. 7. Blended finance should be allocated to the investment with the highest social value relative to its costs, and considering relevant alternatives. 8. Institutional frameworks for mobilising and monitoring adaptation finance with clear national vision and goals should be adopted by Ministries of Finance. 9. Policies need to be developed in tandem with local communities for greater impact, sustainability and alignment with broader development and poverty reduction agendas.  10. Invest in physical climate risk data and tools constitutes a public good. 11. Risk analytics and macroeconomic modelling used within government decision making must incorporate climate risks and take full account of climate extremes and their interlinkages with nature-related risks and the potential for cascading risks. Thanks for the great collaboration Dr Nicola Ranger Mark Bernhofen Matt Burke Dr. Roosa Lambin, Akaraseth Puranasamriddhi, Juan Sabuco, and Roberto S. and to UNEP's Himanshu Sharma! United Nations Environment Programme Finance Initiative (UNEP FI) Green Fiscal Policy Network Environmental Change Institute (ECI), University of Oxford Smith School of Enterprise and the Environment - University of Oxford Climate Compatible Growth #CCG

𝗝𝗼𝗶𝗻 𝘂𝘀 𝘁𝗵𝗶𝘀 𝗮𝗳𝘁𝗲𝗿𝗻𝗼𝗼𝗻 𝗳𝗼𝗿 𝗮 𝘄𝗲𝗯𝗶𝗻𝗮𝗿 𝗮𝗻𝗱 𝗿𝗲𝗽𝗼𝗿𝘁 𝗹𝗮𝘂𝗻𝗰𝗵. Effective fiscal policies are crucial for closing the financing and resilience gap in infrastructure adaptation, particularly for countries facing fiscal constraints. We discuss the key roles fiscal policies can play in building resilience and catalysing resilience investment. 14:00-15:00 GMT

ECI Honorary Research Associate Jan Rosenow on why he will continue to champion the use of heat pumps.

ECI's Prof Jim Hall shares his expertise in Hong Kong, as Institution of Civil Engineers (ICE) President.

Such a joy to host this lovely group from University of Oxford Environmental Change Institute (ECI), University of Oxford onsite at Centre for Alternative Technology this week. They were so knowledgeable, engaged and enthusiastic about our work here at CAT - some of them said there is a need for CAT's in their home countries - they were a very international group - 25 students from pretty much 25 different countries so it is a good opportunity to talk not just about our work at CAT but about Wales and the Wellbeing of Future Generations Act The Office of the Future Generations Commissioner for Wales Derek Walker Sam Hampton Tyfu Canolbarth Cymru | Growing Mid Wales

Join Dr Mark Hirons, Senior Researcher, ECI, as we discuss Sustainability Education 📅 Wed 12 February ⏲️ 17:30-18:45 GMT 📌 Green Templeton College, 43 Woodstock Road, Oxford, Oxfordshire, GB, OX2 6HG, EP Abraham Lecture Theatre

UPCOMING WEBINAR: Join us for the launch of the UN Environment Programme and University of Oxford joint report, 'Enabling Adaptation: Sustainable Fiscal Policies for Climate Resilient Development and Infrastructure'. This webinar will unpack key insights from the report, exploring how innovative fiscal policies can drive climate resilience, reduce economic risks, and mobilise private investment. The event will feature presentations from the authors and speakers representing the Coalition of Finance Ministers for Climate Action, NDC Partnership, The World Bank Group, and other organisations. 30 January, 14:00 - 15:00 GMT Online. Registere here: https://lnkd.in/egU7vwa7 #ClimateAction #Adapation #FiscalPolicies #ClimateResilience Environmental Change Institute (ECI), University of Oxford School of Geography and the Environment, University of Oxford Smith School of Enterprise and the Environment - University of Oxford Dr Nicola Ranger Mathias Weidinger Himanshu Sharma Mark Bernhofen