The economics of (and obstacles to) aligning development and climate change adaptation

This discussion paper frames climate adaptation as a development challenge, reviewing what is known about its costs and benefits and the obstacles that private and public decision-makers face to adapt to climate change. The paper explores how to measure the costs and benefits of adaptation, how to prioritize the most significant or efficient measures or policies, and how to identify the role of the public sector and the need for public sector investment. Addressing these obstacles can reduce the cost of adaptation, maximize its benefits, and yield significant economic and development co-benefits, making economies more robust and productive and societies fairer and more prosperous.