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The Economic Consequences of Climate Change

image of The Economic Consequences of Climate Change

This report provides a new detailed quantitative assessment of the consequences of climate change on economic growth through to 2060 and beyond. It focuses on how climate change affects different drivers of growth, including labour productivity and capital supply, in different sectors across the world. The sectoral and regional analysis shows that while the impacts of climate change spread across all sectors and all regions, the largest negative consequences are projected to be found in the health and agricultural sectors, with damages especially strong in Africa and Asia.

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Description of the modelling tools

The OECD’s in-house dynamic computable general equilibrium (CGE) model – ENV-Linkages – is used as the basis for the assessment of the economic consequences of climate impacts until 2060. The advantage of using a CGE framework to model climate impacts is that the sectoral details of the model can be exploited. Contrary to aggregated IAMs, where monetised impacts are directly subtracted from GDP, in a CGE model the various types of climate damages can be modelled as directly linked to the relevant sectors and economic activities.

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