TY - JOUR

T1 - Getting soaked?

T2 - Climate Crisis, Adaptation Finance, and Racialized Austerity

AU - Bigger, Patrick

AU - Millington, Nate

N1 - The final, definitive version of this article has been published in the Journal, Environment and Planning E Nature and Space, 3 (3), 2019, © SAGE Publications Ltd, 2019 by SAGE Publications Ltd at the Environment and Planning E Nature and Space page: https://journals.sagepub.com/home/ene on SAGE Journals Online: http://journals.sagepub.com/

PY - 2020/9/1

Y1 - 2020/9/1

N2 - As the effects of austerity continue to ravage cities and the impacts of climate change become more pronounced, municipal officials around the world are struggling to pay for climate adaptation. Some cities have already begun to anticipate the new infrastructures that climate change will require, while others have been forced to adapt in real time as climate crises have arrived in spectacular ways. Two of the most emblematic events are Superstorm Sandy, which drenched New York City in October 2012, and the drought-induced crisis of water scarcity in Cape Town, South Africa, which was most visible between 2016 and 2018. In both cases, the cities turned to green bonds, a form of municipal finance that foregrounds environmental ambitions. In this paper, we track the forms of adaptation projects that green borrowing are earmarked to fund. Drawing from scholarship on the financialization of nature alongside recent work on racial capitalism and austerity, we find that rather than transformative municipal change each city is largely carrying on with projects that reinscribe existing inequalities in the city. In addition to reflecting inequalities already present in the two cities, however, the use of municipal debt for adaptation intensifies risks, both financial and environmental, borne primary by the poor or working class people of color. Building on qualitative fieldwork in Cape Town, New York, and across the green bond investment chain, we argue that the risks posed by climate change in the city cannot be financialized away. Ultimately, we call for the end of municipal austerity driven by national and supranational budgeting choices in favor of increasing national funding of municipal adaptation by rescaling borrowing to higher political scales that can more progressively distribute risks.

AB - As the effects of austerity continue to ravage cities and the impacts of climate change become more pronounced, municipal officials around the world are struggling to pay for climate adaptation. Some cities have already begun to anticipate the new infrastructures that climate change will require, while others have been forced to adapt in real time as climate crises have arrived in spectacular ways. Two of the most emblematic events are Superstorm Sandy, which drenched New York City in October 2012, and the drought-induced crisis of water scarcity in Cape Town, South Africa, which was most visible between 2016 and 2018. In both cases, the cities turned to green bonds, a form of municipal finance that foregrounds environmental ambitions. In this paper, we track the forms of adaptation projects that green borrowing are earmarked to fund. Drawing from scholarship on the financialization of nature alongside recent work on racial capitalism and austerity, we find that rather than transformative municipal change each city is largely carrying on with projects that reinscribe existing inequalities in the city. In addition to reflecting inequalities already present in the two cities, however, the use of municipal debt for adaptation intensifies risks, both financial and environmental, borne primary by the poor or working class people of color. Building on qualitative fieldwork in Cape Town, New York, and across the green bond investment chain, we argue that the risks posed by climate change in the city cannot be financialized away. Ultimately, we call for the end of municipal austerity driven by national and supranational budgeting choices in favor of increasing national funding of municipal adaptation by rescaling borrowing to higher political scales that can more progressively distribute risks.

KW - Austerity

KW - Financialization of nature

KW - Adaptation

KW - green bonds

KW - racial capitalism

KW - urban political ecology

U2 - 10.1177/2514848619876539

DO - 10.1177/2514848619876539

M3 - Journal article

VL - 3

SP - 601

EP - 623

JO - Environment and Planning E: Nature and Space

JF - Environment and Planning E: Nature and Space

SN - 2514-8486

IS - 3

ER -