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The methods used to plan adaptation to climate change have been heavily influenced by scientific narratives of gradual change and economic narratives of marginal adjustments to that change. An investigation of the theoretical aspects of how the climate changes suggests that scientific...
The VCCCAR funded project, Governance Models for Adaptation and Natural Disaster Risk Management, is investigating Victorian legal, financial and institutional frameworks for managing the risks of extreme events and natural disasters. It will identify specific risk management mechanisms in land use planning, catchment management, natural...
The field of climate change adaptation economics is in its infancy and is currently grappling with the complex interactions and uncertainties that confound estimates about the probable costs, benefits and distribution of climate change impacts and adaptation options.
While private or autonomous adaptation will play a major role in climate change adaptation in Victoria, there exists sites where government intervention is justified. Government intervention is required when autonomous adaptation will not achieve the social optimum due to market failures or information asymmetries (Osberghaus...
The project examines the way in which law and governance arrangements shape climate change adaptation in Victoria. This project focuses particularly on the legal, regulatory and institutional dimensions of managing the risks posed by extreme events such as floods and heatwaves (climate risks).
There exists a confounding variety and breadth of estimates relating to the cost of weather related disasters in Victoria and Australia. To the question “How much do disasters cost Victoria?” there is unfortunately no single answer. This paper provides a suite of estimates, each important...
This report has outlined the main tools available to economists for establishing estimates of the costs of climate change. The challenges are compounded by issues such as: the valuation of intangibles; distribution and equity considerations; discounting; deep uncertainties; and, the difficulty of incorporating low probability/high...
This report comprises an initial identification of relevant legal and regulatory frameworks in respect of selected climate risks and extreme events. It examines general legal, institutional and governance implications in terms of fostering effective adaptation to climate change impacts and for the management of natural...