Based on the MOU, both parties will explore opportunities for social implementation of the findings, including engagement with financial institutions on the potential for new financing methods enabled by the quantification of economic impacts using technologies such as satellite image analysis, AI, and remote sensing.
Comments from both parties are as follows:
“’Where, to whom, and how much damage cascades’ is the foundational question of CERA Lab. In this study, we spatially integrated flood hazard data and socioeconomic data spanning transportation, housing, and mental health in New York City’s Rockaway Peninsula, and quantified the multifaceted benefits generated by disaster prevention investments. These benefits have historically been invisible, resulting in their omission from investment decisions. This research provides a framework to fill that gap. Visualizing these invisible benefits has the power to drive policy and funding decisions, not just academic research. Through my work on the New York City Panel on Climate Change (NPCC) I engage daily with the process by which climate change impact assessments are reflected in urban policy. This research was also designed from that perspective, and I find it highly significant that, through collaboration with NEC, we were able to demonstrate how an academic framework can expand the possibilities of real-world project evaluation and funding.”
Yuki Miura Assistant Professor, Department of Mechanical and Aerospace Engineering, Center for Urban Science and Progress (CUSP), NYU Tandon School of Engineering
Chair of Climate, Energy, and Risk Analytics Lab (CERA Lab)
Member of New York City Panel on Climate Change (NPCC)
“The economic damages associated with climate change are, in fact, most pronounced in developed countries. While strengthening resilience is urgent, public and private sectors efforts often remain fragmented, and for individual projects, ROI is often unclear, making decision-making and fundraising difficult. This research presents a basic framework for evaluating the economic impact of projects with ambiguous effects and suggests the potential for expanding future funding methods. We are pleased to have been able to share our findings in collaboration with NYU, through a project focused on the global city of New York.”
Ryutaro Adachi, Executive Professional, GX Business Development Division, NEC Corporation