Article
Coastal Resiliency Through Value Capture and Transfer: A Framework Proposal
Coastal Management
(2020)
Abstract
Coastal property is becoming more dynamic as it is subjected to the forces of climate change. This is particularly true for low-lying coastal areas, where climate-induced change is altering long-standing public policies associated with coastal development. In the US, attempts to address the new reality of climate change from a programmatic standpoint are generally referred to as resiliency planning. This article explores the concept of resiliency planning from a cost-orientated approach, viewing low-lying coastal property as areas of evolving risk. From this viewpoint, we develop a value transfer framework proposal that attempts to identify and quantify existing coastal asset values and engage in a transfer of the value to less risky inland areas that have been identified as economic development priority areas. The goal is to provide a risk-based, “cost center” approach to land use and related policymaking in risky coastal areas. This proposal attempts to highlight an example of a hazard-based policy intervention that maximizes opportunities to reduce coastal hazard risk, optimizes the social and economic utility of existing coastal investment through a transfer of development rights approach that is designed to build and enhance coastal resiliency. Future work can improve and build upon the principles set forth in the following framework proposal.
Keywords
- climate change,
- coastal management,
- public policy,
- resiliency planning,
- sea level rise
Disciplines
Publication Date
March, 2020
DOI
10.1080/08920753.2020.1728205
Citation Information
Chad J McGuire and Michael Goodman. "Coastal Resiliency Through Value Capture and Transfer: A Framework Proposal" Coastal Management Vol. 48 Iss. 2 (2020) Available at: http://works.bepress.com/chad_mcguire/73/