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This paper argues for a political economic approach to understanding climate change adaptation and development planning in an urban context. Based on field research conducted in Surat, India, across a period of two years, I illustrate how climate adaptation is rooted in preexisting and contextually specific urban political relationships that can be traced through the city's developmental history. Through assessing Surat's experience with recent industrialization, episodes of natural disasters, to more recent engagement with the Asian Cities Climate Change Resilience Network, I highlight how adaptation planning, as well as how adaptation is integrated into urban development planning, occurs through processes of prioritizing adaptation against development needs and implementing options that are cocreated among public and civic actors. This case empirically shows how adaptation is mainstreamed into urban development planning, illustrates the trade-offs associated with how different urban actors plan and implement adaptation in the context of rapid industrialization, and assesses how internationally funded adaptation programs are operationalized in the context of local social and political realities.

Transnational actors are critical for financing programs and generating awareness around climate change adaptation in cities. However, it is unclear whether transnational support actually enables more authority over adaptation actions and whether outcomes address wide-ranging development needs. In this article, I compare experiences from three cities in India—Surat, Indore, and Bhubaneswar—and link local political agency over adaptation with their supporting transnational funders. I find that adaptation governance involves powers of agency over directing bureaucratic practices, public finance, spatial strategies, and institutional culture. A city's ability to exert these powers then yields different patterns of adaptation. However, political agency is circumscribed by a combination of historical political economic constraints and emerging transnational resources that promote specific forms of political meaning and procedures. The presence of external support therefore paradoxically constrains the governance autonomy of cities. This opens up new opportunities for development dependency—that is, ones that mirror neoliberal critiques of foreign aid—within the global marketplace for climate finance.

In cities that are pursuing climate change adaptation actions, transnational actors are critical catalysts for financing programs, generating public awareness, and legitimizing the agenda. However, scholars of urban climate adaptation have yet to understand whether such external interventions have long-lasting effects on the sustainability and equity of urban governance processes, particularly when placed in context with competing development priorities across the global South. In this paper, I draw on experiences from three cities in India – Surat, Indore, and Bhubaneswar – to analyze the multilevel dynamics that link local adaptation actions with their supporting transnational networks and funders. Drawing on a comparative multi-scale case study methodology, I find that current capacity deficits in Indian cities indeed allow external actors to catalyze adaptation, but this relationship becomes more dialectical farther into the planning and implementation stages. The governance of climate adaptation in fact involves embedding adaptation into bureaucratic practices, financial processes, spatial plans, and institutional cultures. The interaction between these four pathways results in the coproduction of knowledge, co-creation of options, and inter- institutionalization of standards, practices, and behaviors. A particular actor's ability to exert authority over how interventions are framed, financed, bureaucratized, and built across the urban landscape then yields different patterns of adaptation. This finding therefore reasserts the role of urban political actors operating within the global climate governance regime and the marketplace for climate finance.

This study applies the investment strategy recommended by Hackel and Livnat (1993), the free cash flow (FCF) multiple, in Taiwan after the promulgation of Taiwan's FASB No. 95 in 1989. The results indicate that the portfolio with the higher FCF/Price ratio significantly rewards returns in excess of the market. Instead of using earnings/price ratio in the forming portfolio, the study shows that the decile portfolio with the highest FCF/Price ratio significantly outperforms the market during the period from 1990 to 1994. If daily returns are adjusted by the market model, the decile portfolio presents an average 20.5268% cumulative abnormal returns in the testing period, which is statistically higher than zero. The results also indicate that the annual cumulative abnormal returns of the FCF/Price ratio based portfolio are all positive. The annual results also show that the decile portfolio performs much better when the market declines significantly. The outperformance still exists if returns are adjusted by the market without considering risk. The decile portfolio presents an average 8.198% abnormal with a significant t value returns. The superiority of free cash flow in forming portfolio exists but with a decreasing trend when the portfolio is enlarged. The result implies that either the firms with extremely high FCF/Price ratios are undervalued by the market or the market responses slowly to their superior performance in cash flows. The finding supports Hackel and Livnat's (1993) arguments. It suggests that free cash flow is useful information especially for the forming portfolio. The results also enhance the usefulness of the statement of cash flow.

AbstractThis conceptual paper brings together two previously disparate strands of scholarship on climate change and development together with emerging studies of stranded assets. It addresses the question: What are the lessons learnt from this literature for the way developing countries should 'develop' in a post-Paris Agreement world? The paper argues that instead of a blind neo-colonial process of rapidly replicating the development paths of already industrialized countries – especially in the context of the fossil fuel sector – developing countries must adopt their own unique development strategies that are more inclusive and transformative. The foregone economic gains from not investing in fossil fuels maybe compensated by the reduced risks of stranded assets and climate change impacts in the future – as well as the reduced risks of climate change impacts on, for example, the agricultural sector – which may facilitate their own unique paths toward inclusive development.

Cities around the world are facilitating ambitious and inclusive action on climate change by adopting participatory and collaborative planning approaches. However, given the major political, spatial, and scalar interdependencies involved, the extent to which these planning tools equip cities to realise 1.5 °C climate change scenarios is unclear. This article draws upon emerging knowledge in the fields of urban planning and urban climate governance to explore complementary insights into how cities can pursue ambitious and inclusive climate action to realise 1.5 °C climate change scenarios. We observe that urban planning scholarship is often under-appreciated in urban climate governance research, while conversely, promising urban planning tools and approaches can be limited by the contested realities of urban climate governance. By thematically reviewing diverse examples of urban climate action across the globe, we identify three key categories of planning dilemmas: institutional heterogeneity, scalar mismatch, and equity and justice concerns. We argue that lessons from urban planning and urban climate governance scholarship should be integrated to better understand how cities can realise 1.5 °C climate change scenarios in practice.

Cities around the world are facilitating ambitious and inclusive action on climate change by adopting participatory and collaborative planning approaches. However, given the major political, spatial, and scalar interdependencies involved, the extent to which these planning tools equip cities to realise 1.5 °C climate change scenarios is unclear. This article draws upon emerging knowledge in the fields of urban planning and urban climate governance to explore complementary insights into how cities can pursue ambitious and inclusive climate action to realise 1.5 °C climate change scenarios. We observe that urban planning scholarship is often under-appreciated in urban climate governance research, while conversely, promising urban planning tools and approaches can be limited by the contested realities of urban climate governance. By thematically reviewing diverse examples of urban climate action across the globe, we identify three key categories of planning dilemmas: institutional heterogeneity, scalar mismatch, and equity and justice concerns. We argue that lessons from urban planning and urban climate governance scholarship should be integrated to better understand how cities can realise 1.5 °C climate change scenarios in practice.

Cities around the world are facilitating ambitious and inclusive action on climate change by adopting participatory and collaborative planning approaches. However, given the major political, spatial, and scalar interdependencies involved, the extent to which these planning tools equip cities to realise 1.5 °C climate change scenarios is unclear. This article draws upon emerging knowledge in the fields of urban planning and urban climate governance to explore complementary insights into how cities can pursue ambitious and inclusive climate action to realise 1.5 °C climate change scenarios. We observe that urban planning scholarship is often under-appreciated in urban climate governance research, while conversely, promising urban planning tools and approaches can be limited by the contested realities of urban climate governance. By thematically reviewing diverse examples of urban climate action across the globe, we identify three key categories of planning dilemmas: institutional heterogeneity, scalar mismatch, and equity and justice concerns. We argue that lessons from urban planning and urban climate governance scholarship should be integrated to better understand how cities can realise 1.5 °C climate change scenarios in practice.

Cities around the world are facilitating ambitious and inclusive action on climate change by adopting participatory and collaborative planning approaches. However, given the major political, spatial, and scalar interdependencies involved, the extent to which these planning tools equip cities to realise 1.5 C climate change scenarios is unclear. This article draws upon emerging knowledge in the fields of urban planning and urban climate governance to explore complementary insights into how cities can pursue ambitious and inclusive climate action to realise 1.5 C climate change scenarios. We observe that urban planning scholarship is often under-appreciated in urban climate governance research, while conversely, promising urban planning tools and approaches can be limited by the contested realities of urban climate governance. By thematically reviewing diverse examples of urban climate action across the globe, we identify three key categories of planning dilemmas: institutional heterogeneity, scalar mismatch, and equity and justice concerns. We argue that lessons from urban planning and urban climate governance scholarship should be integrated to better understand how cities can realise 1.5 C climate change scenarios in practice.

Cities around the world are facilitating ambitious and inclusive action on climate change by adopting participatory and collaborative planning approaches. However, given the major political, spatial, and scalar interdependencies involved, the extent to which these planning tools equip cities to realise 1.5 °C climate change scenarios is unclear. This article draws upon emerging knowledge in the fields of urban planning and urban climate governance to explore complementary insights into how cities can pursue ambitious and inclusive climate action to realise 1.5 °C climate change scenarios. We observe that urban planning scholarship is often under-appreciated in urban climate governance research, while conversely, promising urban planning tools and approaches can be limited by the contested realities of urban climate governance. By thematically reviewing diverse examples of urban climate action across the globe, we identify three key categories of planning dilemmas: institutional heterogeneity, scalar mismatch, and equity and justice concerns. We argue that lessons from urban planning and urban climate governance scholarship should be integrated to better understand how cities can realise 1.5 °C climate change scenarios in practice.