A Study on the Structure of Cost-Benefit Analysis for Climate Change Response Policy: Focusing on Heat Wave

In response to rapidly changing climatic conditions, research on cost-benefit analysis (CBA) has been actively conducted to evaluate the feasibility of climate adaptation projects. However, most existing studies rely on conventional CBA frameworks developed for general public projects, which may not fully capture the unique characteristics of climate change adaptation initiatives. This study proposes a tailored CBA framework that focuses on heatwave response projects, which have become increasingly critical in Korea. Applying the framework to the Gwacheon cooling-fog project, the temporal scope was set to 2100, spatial scope was defined by the project’s area of influence within Gwacheon, social discount rate was established at 2.61%, and scenarios SSP1-2.6 and SSP5-8.5 were applied. The results highlight the distinctiveness of climate-specific CBA compared with conventional approaches. This study provides a practical analytical basis for future policy evaluation and decision-making in climate change adaptation projects.