There is an increasing call for transformational adaptation in Europe, as set out by the Adaptation Mission, with a similar call for action at the global level from the IPCC. In parallel we see a growth in academic and grey literature on this topic. While definitions vary, there are an emerging set of characteristics and attributes that are commonly associated with transformational adaptation2. These include, for example, the scale of change (system level), the need for governance and behavioural change, and the need to ensure these shifts are equitable and inclusive.

However, there is very little published thinking on the economics of transformational adaptation. Given the current role of economics in government public policy, and the related role of financial analysis for private investment decisions, a lack of economic foundations and applicable economic methods will act as a barrier for scaling up transformational adaptation.

The ACCREU (Assessing Climate Change Risk in Europe) project proposes to explore this knowledge gap in greater detail in a one-day reflexive forum. The forum will invite dialogue around adaptation and economic orthodoxies and explore whether the status quo is a barrier that requires challenging. The exchanges will form the basis of a new research agenda on the economics of transformational adaptation.

This reflexive forum will take place in Brussels on the 28th of April, bringing together selected high-level experts from different academic disciplines as well as policy makers. Participants will be given space to engage in deep dialogue about the economics of transformational adaptation and to explore practical implications through real-world cases. Key questions will include:

• How does the adaptation community define the attributes of transformational adaptation and can current or innovative economic approaches take these characteristics into account?
• What are the economic challenges associated with transformational adaptation, and do current economic appraisal methods act as a barrier, requiring new approaches or thinking?
• What alternative approaches might be needed if Europe approaches or passes climate or socio-economic tipping points?
• What is the future research (primary and applied) that is needed to bring these perspectives together to advance the economics of transformational adaptation?