Saturday, November 18, 2023

🔀IMATRIX: Ten key requirements for a systemic approach to climate adaptation🔀

 

🔀IMATRIX: Ten key requirements for a systemic approach to climate adaptation🔀




Ref: https://www.mckinsey.com/


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Method

Description

Relation to Communities

1

Granular Understanding of Evolving Physical Risk

Deep understanding of physical hazards and their effects under different climate scenarios.

Community leaders and businesses analyze current and future physical risks to their assets, requiring continual updates based on evolving data and insights.

2

Risk Preferences and Adaptation Trade-offs

Setting explicit risk preferences as the foundation of a robust adaptation plan.

Organizations and communities continually reassess risk preferences over time, guiding decisions on where and how to adapt based on acceptable risk levels.

3

Technological and Physical Adaptations

Identification, development, and deployment of technological and physical levers for climate adaptation.

Implementation of measures like fortifying assets, deploying climate-controlled technologies, and advanced warning systems to address physical risks effectively.

4

Acceptance of Behavioral Interventions

Utilizing behavioral interventions to reduce climate risks.

Communities and populations accept changes in behavior or lifestyles, sometimes incurring additional costs, to reduce specific climate risks.

5

Effective Capital Allocation and Financing Structures

Developing estimates of financing needs and fostering financial innovation for climate adaptation.

Comprehensive strategies involve understanding risks, determining acceptable levels, identifying adaptation levers, and organizing financing based on impact and cost.

6

Risk Pricing and Transfer Mechanisms

Implementing effective risk pricing and transfer mechanisms, including insurance.

Pricing risks accurately through insurance premiums and informing stakeholders of their full magnitude to facilitate effective capital allocation decisions.

7

Compensating Mechanisms for Vulnerable States

Establishing compensating mechanisms for vulnerable states and communities disproportionately affected by climate change.

Addressing the economic exposure and adaptive capacity of low-income regions and households through compensatory measures.

8

Effective Governing Institutions and Policies

Establishing effective governing institutions and policies for enabling adaptation.

Local, national, or global institutions set standards, share best practices, ensure access to data and education, and provide mechanisms for risk transfer and funding.

9

Community Awareness and Engagement

Fostering community awareness and engagement for successful adaptation.

Success depends on communities' willingness to act, achieved through structuring proposals around their interests, close consultation in planning, and active involvement in implementation.

10

Commitment by Public- and Private-Sector Leaders

Coordinated leadership from public- and private-sector leaders for successful adaptation.

Commitment, transparency, and collaboration among leaders are essential for implementing physical building blocks and securing economic and societal adjustments.


#Risk,#trade-offs,#ClimateAdaptation,#ClimateChange,#exposure,#policy,#IMSPARK,

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