Social acceptability of climate-change adaptation policies in South Korea: A contingent valuation method

Abstract

In this study, the willingness to pay (WTP) of the Korean people for a flood control policy to prepare for climate change and a policy to reinforce the protection of populations vulnerable to climate change was estimated using the contingent valuation method (CVM). In addition, the appropriateness of the budgets allotted by the Korean government for these two policies in 2021 was examined by comparing them with the benefits to the people at the national level. The average annual WTP per household was estimated to be approximately KRW 27,457 and 25,854 for these two policies. The WTP was found to increase with adverse effects caused by extreme weather conditions; as people developed an interest in climate change, their income level increased and hence they showed preferences for policies by the ruling party. In addition, the benefits of the two policies at the national level were estimated to be worth KRW 573.6 and 540.1 billion, respectively. When the benefits were compared with the amount allotted in the budgets for them, the ratio of the budget to the benefit was found to be 77.55% for flood control in preparation for climate change and 4.46% for the reinforced protection of populations vulnerable to climate change. This confirms that the acceptability of the policy by the populations vulnerable to climate change is high, but the budget is not allocated as per the need.