Climate Finance Working Group

Important:

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Project On-going

Date added: 26/07/2021

Funding and finance for adaptation in Scotland needs to increase, as does adaptation activity in our financial sector. To deliver a step change in adaptation action in Scotland, meet the challenges of the global climate emergency and achieve the vision and outcomes set out in the Scottish Climate Change Adaptation Programme, Adaptation Scotland is focusing on developing solutions to unlocking the finance needed.

To respond to and prepare for climate change impacts, there is a significant need for financial investment in both mitigation and adaptation interventions. There is, however, a very large gap between adaptation funding needs and available finance, both globally and in Scotland.

Working group aim and objective

The Climate Finance Expert Working Group has worked with local authorities, public bodies and the private sector to increase understanding of and access to adaptation finance and funding. The group’s objectives are to:

Enable stakeholder, policy and finance landscape development
Provide organisational and project support to identify and leverage adaptation funding
Support skills and knowledge development for stakeholders to be able to successfully fund and finance adaptation projects
Explore and propose how adaptation can be integrated into Scotland’s emerging economic recovery plans post COVID-19

Outputs

The three main outputs of the working group to date are:

1. A Guide to Adaptation Climate Finance. This resource introduces adaptation finance, identifies current barriers, and aims to support development of the knowledge and skills needed to successfully finance adaptation projects in Scotland

2. Economic advisory services for three on the ground projects, provided by specialist climate change and economics consultancy Paul Watkiss Associates, and published in Developing Adaptation Finance Business Cases. The three case studies are:

A coastal managed realignment at Inch of Ferryton in the Firth of Forth
A flood management project in Newcastleton in the Scottish Borders
A community climate resilience project in Uist in the Outer Hebrides

3. Knowledge exchange and capacity building. The group has created a space for those involved in adaptation and/or finance to provide updates on their own organisational activities and learn from others in the sector.