Contrato de opção e fundo financeiro como instrumentos de gestão de risco climático na alocação de água

Abstract

The knowledge and study of financial mechanisms associated with water allocation are relevant because of their potential role in adaptation to climate variability and change. Thus, this study aimed to research and develop financial mechanisms for climate risk management that enable compensation for risk transfer between users and an adjustment fund that reduces significant variations in water prices in years of water scarcity. To build the mechanisms proposed initially flow available for allocation was defined. This flow was distributed among users via two allocation methods: Linear apportionment and priority system. Then user gains and losses were analyzed by benefit functions. Based on these values an option agreement between sectors was formulated as well as a financial fund to save resources necessary for the payment of options. The option agreement is based on the annual withdrawal system. This is one of the possibilities to promote risk transfers and it would be triggered during dry periods and turned off during wet periods. Options payments were lower than the irrigation impacts throughout the simulated range. Moreover, the financial benefits to the urban sector outweigh the losses from that coefficient.