chapter  7
Climate services
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Nearly every day, there are newly discovered insights about the drivers, impacts and effects of climate change. The sheer amount of information perpetuates classical information asymmetries that drive pricing and valuation in markets. By application, if local governments cannot adequately manage climate information, then it increases the likelihood that they will make suboptimal adaptation investments. This might mean not enough or too much insurance coverage or simply not having enough leverage in negotiating a risk premium. With both public and private sectors increasingly demanding more sophisticated climate services, a wide range of climate services providers have emerged in both the public and private sectors. Many of the private sector providers have developed highly specialized and proprietary products and services that local governments have little to no experience in procuring. As such, this chapter seeks to provide some considerations for qualifying and selecting climate services providers. Like with all goods and services, the goal is to maximize the public’s investment in high quality outcomes that serve the intended purpose.