🔀IMATRIX: Ten key requirements for a systemic approach to climate adaptation🔀
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Method
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Description
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Relation to Communities
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1
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Granular Understanding of Evolving Physical Risk
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Deep understanding of physical hazards and their effects
under different climate scenarios.
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Community leaders and businesses analyze current and
future physical risks to their assets, requiring continual updates based on
evolving data and insights.
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2
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Risk Preferences and Adaptation Trade-offs
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Setting explicit risk preferences as the foundation of a
robust adaptation plan.
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Organizations and communities continually reassess risk
preferences over time, guiding decisions on where and how to adapt based on
acceptable risk levels.
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3
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Technological and Physical Adaptations
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Identification, development, and deployment of
technological and physical levers for climate adaptation.
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Implementation of measures like fortifying assets,
deploying climate-controlled technologies, and advanced warning systems to
address physical risks effectively.
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4
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Acceptance of Behavioral Interventions
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Utilizing behavioral interventions to reduce climate
risks.
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Communities and populations accept changes in behavior or
lifestyles, sometimes incurring additional costs, to reduce specific climate
risks.
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5
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Effective Capital Allocation and Financing Structures
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Developing estimates of financing needs and fostering
financial innovation for climate adaptation.
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Comprehensive strategies involve understanding risks,
determining acceptable levels, identifying adaptation levers, and organizing
financing based on impact and cost.
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6
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Risk Pricing and Transfer Mechanisms
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Implementing effective risk pricing and transfer
mechanisms, including insurance.
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Pricing risks accurately through insurance premiums and
informing stakeholders of their full magnitude to facilitate effective
capital allocation decisions.
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7
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Compensating Mechanisms for Vulnerable States
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Establishing compensating mechanisms for vulnerable states
and communities disproportionately affected by climate change.
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Addressing the economic exposure and adaptive capacity of
low-income regions and households through compensatory measures.
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8
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Effective Governing Institutions and Policies
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Establishing effective governing institutions and policies
for enabling adaptation.
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Local, national, or global institutions set standards,
share best practices, ensure access to data and education, and provide
mechanisms for risk transfer and funding.
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9
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Community Awareness and Engagement
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Fostering community awareness and engagement for
successful adaptation.
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Success depends on communities' willingness to act,
achieved through structuring proposals around their interests, close
consultation in planning, and active involvement in implementation.
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10
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Commitment by Public- and Private-Sector Leaders
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Coordinated leadership from public- and private-sector
leaders for successful adaptation.
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Commitment, transparency, and collaboration among leaders
are essential for implementing physical building blocks and securing economic
and societal adjustments.
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