Common value: Transferring development rights in the face of climate change challenges
Flooding accounted for more than 37% of natural disasters in 2017, affecting 55 million people and amounting to 20.3 billion $ of economic losses worldwide. These figures are the highest in the last decade and with higher urbanization rates, the number of people living in precarious and flooding prone areas is increasing. Under the light of these challenges, Flood Risk Management narrative is evolving towards integration of nature-based solutions and Green Infrastructure. This paper investigates the role of Land Value Capture instruments in financing Green Infrastructure. More specifically, this research focuses on the Transfer of Development Rights (TDR) instrument, which has enabled some planning authorities in the global north and south to successfully adopt preventive measures in flooding prone areas. Through TDR, property devaluation in flood prone areas or areas where Green Infrastructure is to be implemented is cross-subsidized through capturing part of the “windfalls” in properties benefiting from GI, by transferring development rights from the former to the latter.
Flood Risk Management, Green Infrastructure, Land Value Capture, Transfer of Development Rights