Mixed-use coastal protection infrastructure the way to go: Expert

It offers scope for financial returns and can attract private-sector investments, he says

- Cheryl Tan

DUBAI Ensuring that coastal protection infrastructure is multifunctional can be a way to attract private sector investments for adaptation, which will help countries to build resilience against climate change, said a Singapore expert on the sidelines of the United Nations COP28 climate talks.

"So you're not just building a wall... to defend against the tracts of the sea, but you layer it with other opportunities for financial returns, (such as having) mixed-use developments," said Mr James Lam, the coastal engineering director of infrastructure consultancy Surbana Jurong.

The suggestion comes as climate finance for adaptation continues to be lacking. Many countries will not have the resources to cope with the worsening impact of climate change.

The Adaptation Gap Report published in October stated that additional adaptation finance of between US$194 billion (S$260 billion) and US$366 billion a year is needed by 2030.

Finance sources come from international public finance, countries' domestic expenditure and private finance. It has been challenging to garner private finance to fund adaptation projects as these are often not profitable.