The Economic Benefits of Nature-Based Solutions for Climate Risk

Abstract

This meta-analysis of stated preference studies involving over 49,500 total respondents aims to quantify the economic value of co-benefits from nature-based solutions (NBSs) that address climate risks. The results indicate that the willingness to pay (WTP) for co-benefits increases with GDP per capita and decreases with NBS size. Recreational and aesthetic benefits, as well as NBSs developed in urban grey areas, are more valued than conservation and maintenance of current nature sites. The novel value transfer function can assist future research and policymakers in assessing the economic co-benefits of NBSs for climate risk based on the policy site characteristics.