Executive Summary: Cần Thơ, Vietnam compound flood risk & heat waves

This report presents an executive summary of the different stages of the process of implementation of the Economics of Climate Adaptation (ECA) study and the final recommendations for adaptation measures to flood and heat wave events in Cần Thơ. Stakeholders were asked to provide input and feedback on the assumptions, decisions, data, and adaptation options assessed. A total of 17 adaptation measures for flood and heat waves were identified and validated using the modelling platform CLIMADA, including technological and engineering solutions, ecosystem-based (nature-based) approaches, maintenance/operational measures, instruments and tools that improve baseline hydro-meteorological data, and risk transfer/insurance solutions.

The report finds that the current annual expected damage is estimated to be at USD$4.3 million, increasing to over USD$18 million by 2050. ) A majority of selected measures are cost efficient for the respective assets to be protected. However, even if implemented together, these measures will not be sufficient to account for the total climate risk (94% of the total risk may be averted). The remaining risks could be managed applying an insurance solution as the measure offering the highest risk mitigation potential for pluvial/fluvial flood. The top three cost-efficient measures for Tidal and Pluvial-fluvial flood are "Mobile flood embankment", "Flood awareness", and "Rehabilitation of drainage". Meanwhile, heatwave risk is expected to increase to USD$340 million by 2050, magnitudes larger than flooding in terms of economic cost. All selected measures are cost-efficient for the respective assets to be protected. However, as in the flooding scenario, all measures combined are not sufficient to account for the total climate risk and a large protection gap remains (only 6% of the total risk may be averted). Climate insurance for assets is can help cover residual risk after the three most cost-efficient measures have been implemented. The top three cost-efficient measures for heat wave risks are "Cooling Centers", "Climate Smart Agriculture", and "White Roofs".