Please find below the
SUBJECT: Climate CoLab Judging Results
Proposal: Pricing Flood Risk to Better Manage It
Thank you for participating in the 2015 Climate CoLab Adaptation contest, and for the time you spent in creating and revising your entry.
The Judges have strongly considered your proposal in this second round of evaluation, and have chosen to not advance it as a Finalist for this contest.
We, the Judges and contest Fellows, are truly grateful for your contribution to the Climate CoLab and for your commitment to address climate change.
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2015 Climate CoLab Judges
Additional comments from the Judges:
This is an interesting idea. But it appears completely infeasible. As discussed in the feedback provided during the first round of judging, property taxes are not an appropriate locating for monetizing climate associated risks. A more appropriate place would be property insurance or, possibly, infrastructure development charges for new developments in risk prone areas. The proposal also does not seem to have addressed any of the feedback provided during the first round of judging.
This proposal seeks to adjust property taxes to reflect flood risk and thus create more balanced development and resources for disaster recovery. It's an interesting idea and the proposal mainly focuses on what a taxed flood program would look like and some of the benefits. Where is struggles is in the lack of details in overcoming the social and political hurdles that would quickly rise up to prevent the project. These seem like the real challenge on this issue are not addressed. So, it feels like an interesting concept in search of an equally interesting implementation idea. There is a real opportunity for innovative thinking on the implementation side. I hope to hear more about this aspect in a future proposal.
Your proposal has been selected as a Semi-Finalist!
Congratulations! Your proposal, Pricing Flood Risk to Better Manage It in the Adaptation contest, has been selected to advance to the Semi-Finalists round.
You will be able to revise your proposal and add new collaborators if you wish, from July 1st until July 14, 2015 at 23:59pm Eastern Time.
Judges' feedback are posted under the "Evaluation" tab of your proposal. Please incorporate this feedback in your revisions, or your proposal may not be advanced to the Finalists round. We ask you to also summarize the changes that you made in the comment section of the Evaluation tab.
At the revision deadline listed below, your proposal will be locked and considered in final form. The Judges will undergo another round of evaluation to ensure that Semi-Finalist proposals have addressed the feedback given, and select which proposals will continue to the Finalists round. Finalists are eligible for the contest’s Judges Choice award, as well as for public voting to select the contest’s Popular Choice award.
Thank you for your great work and again, congratulations!
2015 Climate CoLab Judges
Although initially appealing, this proposal seems completely infeasible for political, legal, and possibly technical reasons. I can not imagine any elected official successfully passing this kind of measure. In addition, property taxes are based on the estimated value of a property and are not intended to reflect any other considerations. Implementing the proposed solution would require completely re-defining the way in which property taxes are calculated. And it is not clear why this risk/cost-recovery approach to taxation should be applied only to reflect climate risk and costs and not other issues. In addition, it is unlikely that most cities will have the technical ability to effectively model climate risk at the required scale. You reference Swiss-Re in your introduction. Indeed I think that, as we are starting to see, it is at the level of insurance and re-insurance (and not taxation) that we are going to see the kind of action you are suggesting
I think that this is a very interesting idea but that feasibility is the main issue with the proposal. While pricing flood risk into property taxes would be a good strategy to develop financing for climate adaptation and flood protection projects, it would require significant political effort to achieve. Additionally, I don't understand the role of the author in carrying out this proposal. However, I like the idea of this proposal and that it creatively imagines a solution outside of the constraints of the current political system.
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