Coastal Resiliency through Value Capture and Transfer: A Framework Proposal

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.