United States Department of Transportation
i
Climate Financing for Marine Transport: Analyzing the Impact of Climate Adaptation Investments in Inland Waterways
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2023-07-30
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[PDF-1.82 MB]
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Edition:Final Report
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Abstract:The U.S. inland waterways play a vital role in the domestic economy, but extreme weather events (e.g., floods and droughts) perennially threaten to disrupt their operations. Exacerbating these concerns, climate change is expected to increase the frequency and severity of these disruptions in the future. However, despite these known risks, researchers have devoted little attention to evaluating the financial implications of climate change on inland waterway supply chains. Moreover, traditional financial valuation methods do not facilitate an accurate quantification of long-term risks associated with investments in climate resilient infrastructure, which leads to a systemic under-investment in resilience and adaptation. Here, we develop a state-of-the-art, data-driven approach to evaluate climate financing strategies for inland waterways based on future costs of inland waterway supply chain disruptions due to climate change. The approach combines recent developments in financial analysis, climate modeling, simulation, statistical inference, and economic modeling. With this methodology in place, we can then evaluate cases where investments in resilient, waterborne infrastructure can offer cost-effective means of mitigating projected impacts of climate change. Our project paves the way for researchers being able to quantify the return on investment from climate adaptation strategies based on economic impacts of climate change on inland waterway supply chains and can help policymakers better allocate funding for mitigating future supply chain disruptions.
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