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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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Modelling the economic consequences of climate change

This chapter first presents a brief discussion of the main categories of climate change impacts. It then introduces the methodology used to identify how climate impacts affect economic growth. It highlights how the costs of inaction until 2060 can be assessed using a production function approach to link climate change impacts to specific drivers of growth in the dynamic general equilibrium model ENV-Linkages; and how and why this is complemented by a more stylised integrated assessment modelling of long-term impacts using the AD-DICE model. The chapter ends with a description of how the production function approach is used to model the various impacts in ENV-Linkages.

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