Assessment of costs and benefits of adapting London to climate impacts

costs and benefits of climate change adaptation in London. The study seeks to strengthen the evidence base on the costs and benefits of adapting London to climate change to support London public organisations make decisions to allocate and target adaptation investment and increase investment towards adaptation in the context of a limited fiscal space.

The project aims to:

• provide the evidence on the cost impacts of extreme weather and the cost and benefits of adaptation to help frame adaptation as a positive economic narrative and demonstrate how it helps meet wider economic, social, and environmental policy goals

• support public authorities to make the economic case for allocating finance and increasing investment in adaptation, including in business cases, budgeting, and funding bids, to increase the level of funding allocated to climate adaptation measures

• support public authorities make decisions on the type of adaptation options to invest in to address future shocks, including what brings the highest return, to support targeting and prioritisation of investment in adaptation, increasing the near-term delivery of cost effective and impactful adaptation measures

The objectives of the study are to provide the GLA, functional bodies, local authorities and other relevant London organisations with:

• an assessment of historic and future climate shocks and their cost impacts to selected sectors/systems;

• an economic appraisal of the costs and benefits of adapting these sectors/systems;

• deep dive analyses of different adaptation options and the value of adopting these in the short, medium, long term to inform adaptation investment.

The assessments should be done for different climate scenarios (e.g., RCP 4.5, 6 and 8.5) and socioeconomic scenarios over agreed timeframes (e.g., 2030, 2050, and 2100). The timescale should be broken down into near-term, mid-term and long-term impacts of climate change and associated solutions to ensure the output is most useful and embedded in decision making of London authorities, to help inform timelines, prioritisation, and targeting of adaptation investment. The supplier should draw on existing data to inform the assessments and ensure that the assessments build on and complement other relevant existing or ongoing studies.

*IMPORTANT* The Tenders will be conducted via the TFL SAP Ariba portal. If you wish to be invited to this opportunity, please respond no later than 17:00 on Wednesday 20th November 2024 by email to: Benjamin Osae-Kwapong [email protected] stating your organisation name and contact details. If you already have a TFL SAP Ariba account , please send over your vendor ID otherwise we will get you to register before invited.