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The costs of adaptation

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  • Samuel Fankhauser
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    Abstract

    Policy interest in the cost of adaptation is growing, but compared to the mitigation literature adaptation cost research is still in its infancy. Global adaptation cost estimates from more recent studies range from around $25 billion a year to well over $100 billion by 2015-2030. The wide range is symptomatic of the poor state of knowledge. Important knowledge gaps remain both in terms of scope (whether all relevant impacts are covered) and depth (whether, for a given impact all relevant adaptation options have been considered). The omissions introduce biases in both directions, upward and downward, but it is likely adaptation costs have been underestimated so far. Adaptation is only one part of the overall response to (and therefore the costs of) climate change. The total burden of climate change consists of three elements: the costs of mitigation (reducing the extent of climate change), the costs of adaptation (reducing the impact of change) and the residual impacts that can be neither mitigated nor adapted to. The annual adaptation cost estimates reviewed here cannot be directly compared with the other two cost elements. Making that comparison would require an integrated model that takes into account the total impact of greenhouse gases over their lifetime in the atmosphere.

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    Bibliographic Info

    Paper provided by Grantham Research Institute on Climate Change and the Environment in its series Grantham Research Institute on Climate Change and the Environment Working Papers with number 7.

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    Date of creation: Sep 2009
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    Handle: RePEc:lsg:lsgwps:wp07

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    1. Kelly de Bruin & Rob Dellink & Shardul Agrawala, 2009. "Economic Aspects of Adaptation to Climate Change: Integrated Assessment Modelling of Adaptation Costs and Benefits," OECD Environment Working Papers 6, OECD Publishing.
    2. Tol, Richard S. J., 2005. "The marginal damage costs of carbon dioxide emissions: an assessment of the uncertainties," Energy Policy, Elsevier, vol. 33(16), pages 2064-2074, November.
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    Cited by:
    1. Samuel Fankhauser & Nat Martin & Stephen Prichard, 2009. "The economics of the CDM levy: Revenue potential, tax incidence and distortionary effects," Grantham Research Institute on Climate Change and the Environment Working Papers 1, Grantham Research Institute on Climate Change and the Environment.

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