Climate change and extreme events

risk assessment of adaptation in Sydney

Stefan Trück, Chi Truong, Tim Keighley, Feng Liu, Supriya Mathew

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Measuring the potential costs of catastrophic climatic events is a challenging but important exercise, as the occurrence of such events is usually associated with substantial damage and high uncertainty. Risk assessments and measures to evaluate adaptation should focus on an appropriate time horizon that is consistent with the frequency of events, since a short-term view may disproportionally deflate the risk involved. This chapter illustrates key concepts that need to be considered when quantitatively evaluating adaptation to extreme climate events. Important issues include: measuring uncertainty using a probability distribution; the time value of money; the choice of discount rate values; the costs and benefits of adaptation; and sustainable decision making.
Original languageEnglish
Title of host publicationIndustry and higher education
Subtitle of host publicationcase studies for sustainable futures
EditorsLeigh Wood, Lay Peng Tan, Yvonne A. Breyer, Sally Hawse
Place of PublicationSingapore
PublisherSpringer
Chapter5
Pages101-130
Number of pages30
ISBN (Electronic)9789811508745
ISBN (Print)9789811508738
DOIs
Publication statusPublished - 2020

Keywords

  • Climate change
  • Extreme events
  • Probability distributions
  • Adaptation
  • Time value of money
  • Discount rates
  • Cost-benefit analysis
  • Sustainable decision making

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  • Cite this

    Trück, S., Truong, C., Keighley, T., Liu, F., & Mathew, S. (2020). Climate change and extreme events: risk assessment of adaptation in Sydney. In L. Wood, L. P. Tan, Y. A. Breyer, & S. Hawse (Eds.), Industry and higher education: case studies for sustainable futures (pp. 101-130). Singapore: Springer. https://doi.org/10.1007/978-981-15-0874-5_5