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Cost-benefit analysis (CBA) is useful for climate change response and adaptation, and if used properly, it has great potential for long-range planning. CBA should help agencies navigate the spectrum of decisions from mitigation and greenhouse gas reduction to adaptation: where does investing public funds generate the most public good?
The TRB National Cooperative Highway Research Program's NCHRP Web-Only Document 271: Guidelines to Incorporate the Costs and Benefits of Adaptation Measures in Preparation for Extreme Weather Events and Climate Change is published as a companion document to NCHRP Research Report 938. It includes two frameworks that were developed for the project to allow practitioners to conduct CBAs to a level of detail they deem appropriate; a sketch-level analysis can serve as a screening tool to evaluate if adaptation is even appropriate, while a more detailed climate resilience analysis can help to answer the question, “How much can I spend on an adaptation project and have it remain cost-effective?”
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