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  A Focus on Market Imperfections Can Help Governments to Mobilize Private Investments in Adaptation

Pauw, W. P., Kempa, L., Moslener, U., Grüning, C., & Çevik, C. (2022). A Focus on Market Imperfections Can Help Governments to Mobilize Private Investments in Adaptation. Climate and Development, 14(1), 91-97. doi:10.1080/17565529.2021.1885337.

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https://doi.org/10.1080/17565529.2021.1885337 (Publisher version)
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 Creators:
Pauw, W. P.1, 2, 3, 4, Author
Kempa, L.1, Author
Moslener, U.1, Author
Grüning, C.1, Author
Çevik, Ceren5, Author           
Affiliations:
1Frankfurt School of Finance & Management, Frankfurt am Main, Germany, ou_persistent22              
2Copernicus Institute of Sustainable Development, Utrecht University, The Netherlands, ou_persistent22              
3Stockholm Environment Institute, Sweden, ou_persistent22              
4German Development Institute, Bonn, Germany, ou_persistent22              
5International Max Planck Research School on the Social and Political Constitution of the Economy, MPI for the Study of Societies, Max Planck Society, ou_1214550              

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Free keywords: Adaptation finance, market imperfections, private sector, adaptation barriers, public interventions
 Abstract: Climate change requires significant adaptation of economies, and the largest part of most economies is composed of private sector actors. In this Viewpoint, we argue that it should not be the role of the public sector to cover the full costs of adaptation - which would also typically exceed government's fiscal space. Rather, we suggest that the public sector should set the right conditions to catalyse private investments in adaptation.

While the suggestion is not new, we argue that the current focus on generic ‘barriers’ hindering more private investments in adaptation is not expedient. These barriers are descriptive rather than explanatory, sometimes mix cause and effect, and tend to focus on eliminating obstacles, rather than adapting efficiently. Alternatively, we suggest to focus on addressing three market imperfections that give rise to those barriers.

In doing so, the overall welfare of society, including the vulnerability of the most marginalized, should be centre-stage. The development of markets should aim to contribute to such welfare - it is not an end in itself. In that sense, our call for a focus on market imperfections is a call for a larger role of public actors, both in developed and developing countries.

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Language(s): eng - English
 Dates: 2020-09-032021-01-272021-02-212022
 Publication Status: Issued
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 Table of Contents: 1. Introduction
2. Barriers to private adaptation investments
3. Addressing market imperfections to eliminate barriers
4. Concluding remarks
Acknowledgements
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 Identifiers: DOI: 10.1080/17565529.2021.1885337
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Title: Climate and Development
Source Genre: Journal
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Pages: - Volume / Issue: 14 (1) Sequence Number: - Start / End Page: 91 - 97 Identifier: ISSN: 1756-5529
ISSN: 1756-5537