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Local Solutions: Financing Climate Action through Land Value Capture

Author

Listed:
  • Patrick Welch

    (Lincoln Institute of Land Policy)

  • Enrique Silva

    (Lincoln Institute of Land Policy)

  • Martim Smolka

    (Lincoln Institute of Land Policy)

  • Amy Cotter

    (Lincoln Institute of Land Policy)

Abstract

The urgent need to address climate change has prompted subnational governments worldwide to explore innovative financing mechanisms to fund climate investments. This paper examines land value capture (LVC) as a potential source of financing for local climate action, reviewing instruments and implications associated with their implementation. It demonstrates how public climate interventions, including low-carbon transportation and green infrastructure, can positively impact land values and how subnational governments can recover those increments through LVC for additional public benefit. The paper examines common LVC instruments and their rationale, exploring how these mechanisms have been employed in different jurisdictions to fund climate mitigation and adaptation efforts. The paper underscores the potential of LVC as a viable financing mechanism for subnational climate action, offering insights into its practical implementation.

Suggested Citation

  • Patrick Welch & Enrique Silva & Martim Smolka & Amy Cotter, 2024. "Local Solutions: Financing Climate Action through Land Value Capture," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper2401, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    • Handle: RePEc:ays:ispwps:paper2401
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    File URL: https://icepp.gsu.edu/files/2024/02/paper2401.pdf
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