The objective of the ClimateCost project is to advance the knowledge on the economics of climate change, focusing on three key areas: the impacts and economic costs of climate change (the costs of inaction), the costs and benefits of adaptation, and the costs and benefits of long-term targets and mitigation. The project has assessed the impacts and economic costs of climate change in Europe and globally. This included a bottom-up sectoral impact assessment for Europe, including adaptation, as well as a global economic modelling analysis with sector-based impact models and computable general equilibrium models.

To ensure that the assessment uses a consistent and harmonised approach, the project has used a common set of climate change scenarios and projections.

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