Project screening An often-overlooked component of the aforementioned options analysis relates to the assumptions made in the initial screening of a project. Because risk and uncertainty are critical elements that will deterministically drive the costs and terms of funding and fi nancing, it is important to have an understanding of how various iterations or manifestations of a project in the earliest stages of development can impact its fi nancial (not necessarily economic) viability. As such, adaptation investments should consider fi nancing options and strategies as early in the planning stages as possible. For instance, projects with irregular phasing and sequencing due to variability of future climate impacts would need to consider the costs associated with credit stand-by commitments, as well as interest rate risks. This phasing may be desirable to optimize ROI as AAL increase with time. As such, project phasing may dictate more or less leverage, depending on the nature of the availability of capital in later phases. This is particularly important as many projects are forced to proceed without fi rm access to capital in later stages.