The economics of climate change informs policy on long-term targets, the costs of inaction and the costs and benefits of adaptation. ClimateCost will advance knowledge on the full economic costs of climate change.
The objectives are:
- To identify and develop consistent climate change and socio-economic scenarios.
- To quantify the ‘costs of inaction’ with bottom-up spatial modelling for market and non-market sectors (coasts, health, ecosystems, energy, water, infrastructure) in the EU and US, China, India, and to quantify and value the costs and benefits of adaptation.
- To asses the physical effects and economic damages of major catastrophic events and socially contingent effects.
- To update the mitigation costs reduction targets including induced technological change, non CO2 sources and sinks, and recent abatement technologies.
- To quantify the ancillary air quality benefits of mitigation.
- To integrate the analyses through complementary models.
- To provide policy relevant output for policy scenarios.