The Higher Ground Foundation is introducing a market-based mechanism to finance climate change adaptation projects in developing countries through "vulnerability reduction credits" (VRCs).
Adaptation projects would generate VRCs, allowing countries in the developed world to offset their current and past emissions by financing adaptation projects in the developing world, in fact creating a currency for a public good with possible demand beyond offsetting historic emissions. Thus the call for supporting climate adaptation in developing countries can be met in a flexible, efficient, and bottom-up project-level approach. This paper outlines this vision.
