The Afsluitdijk is a 32-kilometer (about 20-mile) causeway in the Netherlands that, since 1932, has been one of the country’s primary barriers against sea level rise. But after nearly a century of use, it needed hundreds of millions of dollars in upgrades. So, about a decade ago, the government turned to a consortium of contractors to reinvigorate the bulwark. Instead of paying for the project up front, the agency leading it signed a 25-year contract that allowed it to make payments over time — a move that effectively amounted to private financing for a public project.
As climate risks intensify, cities around the world face a stark financial reality: Protecting themselves from rising seas and extreme weather will cost hundreds of billions of dollars — far more than many governments can afford. A new report from C40, a climate group representing cities, argues that one way of closing that gap is bringing in outside investors.
Work on the Afsluitdijk is complete, and the sea wall continues fending off the encroaching water. The initiative is one of 10 case studies ... Read more
