Insurance is of paramount importance when needing to adapt to the current and future risks of climate change and its consequences (often consisting in natural catastrophes and extreme hydrometeorological phenomena), which directly affect the activity of the insurance sector. The latter is forced to take measures to assess the change in the covered risks and seek solutions that allow reducing damage and increasing the resilience of society, even when the latter also plays a fundamental role in their mitigation.
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In Germany, for a long time a single fee for both rainwater and wastewater was levied in all communities. After some German court decisions the fee for rainwater was separated from wastewater one and is now based on the extension of impervious property surface (m2), which directs water into the public sewage system. Collecting rainwater on private property with e.g. rain barrel or infiltration system (as for example green space) is then likely to reduce sewage costs due to lower loads to be treated by the treatment plant.
Climate change will have an adverse impact on many economic sectors (such as energy, food, construction, tourism, insurance). In the banking sector, it is acknowledged that risks faced by clients also create risks for banks. Risk management activities should therefore aim at the management of risk for the benefit of the clients, the financial institutions and the business community alike. Climabiz was an innovative LIFE project aimed to quantify risks and opportunities for Greek enterprises deriving from climate change.
Sustainable development has been a major concern for the City of Paris for more than 10 years. When, in 2015, the City of Paris hosted the COP21, the City Hall wanted to send out a strong signal to the international community and to other local and regional authorities and show the diversity of municipal ecological actions and commitments. To emphasize this, the City of Paris erected the climate bond to finance climate and energy projects. The total size of the bond is ? 300 million, with a running time until May 2031.
Vrijburcht is a multipurpose living-and-working complex in Amsterdam. It offers many shared social amenities for both the residents and the people from the neighbourhood. The heart of the complex is the courtyard garden with trees, a vegetable garden, lawns, flowers, benches and a greenhouse. The garden provides various solutions to the expected impact of climate change; it offers residents a cool environment during warmer summers; rain water is stored in underground tanks for irrigation in dry periods; the unsealed area permits maximum rainwater permeability.
In response to flooding causing damage in Smolyan?s Ustovo neighbourhood in 2005, the city implemented a number of flood protection measures that presumably have paid off already during the wet year of 2014. Under the project, river banks were widened, existing protection walls were reinforced and new walls constructed. The cost of about 480,000 EUR was mainly derived from funding by the European Regional Development Fund (ERDF).
Malmö is experiencing negative effects from climate change due to rising temperatures and excessive rainfall. The city therefore aims to realise climate adaptation measures by integrating it directly in the design of urban development projects, such as in the case of the Western Harbour. The private funding to realise these measures is provided by developers, who realise the actual construction of the projects. They engage in a stakeholder partnership process initiated by the city to ensure that the final realisation of the urban development reflects Malmö’s sustainable vision.
Ghent aims at realizing more green areas in response to climate change and actively seeks citizen involvement to achieve this. This is in line with the city being very social and creative with many citizens actively developing bottom-up initiatives. Many of these small scale projects however have difficulty developing into a successful project through the available financing mechanisms. Therefore, Ghent has developed a crowdfunding platform that allows citizens to propose and finance their ideas for the city.
In response to climate change, one of Hamburg’s objectives is to become greener, in the city and on the roofs. In this context, Hamburg is the first German city to have developed a comprehensive Green Roof Strategy. The goal is to plant a total of 100 hectares of green roof surface in the metropolitan area in the next decade. The Hamburg Ministry for Environment and Energy is providing financial support for the creation of green roofs to the sum of € 3 million until the end of 2019.
The Segura River Basin in the south east of Spain suffers from a structural condition of water scarcity and drought occurrence. For decades, the focus for dealing with this condition has been placed on instrumental objectives such as increasing water transfer facilities (i.e. Tagus Segura Water Transfer, a major diversion project), developing alternative sources (i.e. desalination and reuse) or making use of water in a more technically efficient way (i.e. irrigation modernization).