Scoping study on financing adaptation-mitigation synergy activities

A new scoping study for NOAK sheds light on synergies between climate change adaptation and mitigation strategies, and suggests that Nordic countries place more focus on financing synergies.  The study argues from a financing perspective that there is potential in funding synergistic activities for improving the efficiency of climate change actions. While the landscape of current research remains rather scattered and limited, examples that demonstrate promising potential have been identified in several sectors: agriculture, forestry and land use, energy, infrastructure planning and construction, transportation, insurance, and waste treatment. Synergies are offering solutions to more efficient, responsive and comprehensive climate policy. Activities which genuinely combine climate change adaptation and mitigation perspectives can also result in co-benefits with other goals of sustainable development, the report concludes. The study reveals that no funding instruments with explicit and systematic aims to harness synergies exist to date. However, multiple stakeholders interviewed in the study acknowledge the potential for synergies and assume the existence of these to some extent in several of their activities, suggesting that there is a strong need to dedicate more attention to synergies. The study provides four recommendations: Firstly, it recommends that more empirical research on synergies is conducted to further define and concretize the benefits and challenges - in some cases trade-offs between mitigation and adaptation also exist. Secondly, it is suggested that a review of the funding criteria of relevant climate funds is carried out. Thirdly, it is recommended that the concept of synergies is linked with the climate mainstreaming agenda. Finally, attention should be paid to opportunities to catalyze private sector climate action also in harnessing synergies.