IN­VI­TA­TION FOR PHD DE­FEN­CE - Stel­la Whit­ta­ker

In order to obtain the PhD degree, Stella Whittaker has submitted her thesis entitled:

Are Markets interested in financing Urban Climate Change Adaption?

This dissertation investigates the persistent underinvestment in urban climate change adaptation amid rising climate-related risks to cities. It proposes that limited adaptation finance is not simply the result of resource scarcity, but reflects structural misalignments between public authorities, private investors and the prevailing finance regime. Drawing on qualitative empirical research conducted in Copenhagen, London, and Singapore, the study examines how key actors perceive and navigate the challenges of financing urban climate change adaptation.

The research integrates the Multi-Level Perspective (MLP) and Strategic Niche Management (SNM) to explain why adaptation finance remains constrained and how niche innovations may drive systemic change. Based on three academic papers and complementary practitioner-oriented studies, the dissertation demonstrates that incremental solutions are insufficient and advances the concept of ‘stretching’ the finance regime through coordinated policy, fiscal, institutional and public–private interventions. By reframing adaptation finance as a regime-level challenge, the dissertation contributes to debates on climate finance, urban governance, and sustainability transitions, offering practical insights for mobilising adaptation finance at scale.

The thesis will be available from research.cbs.dk