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Assessing the Economic Impacts of Climate Change

Author

Listed:
  • Francesco Bosello

    (FEEM, University of Milan, CMCC)

  • Fabio Eboli

    (FEEM, CMCC)

  • Roberta Pierfederici

    (FEEM, CMCC)

Abstract

The present research describes a climate change integrated impact assessment exercise, whose economic evaluation is based on a CGE approach and modeling effort. Estimates indicate that a temperature increase of 1.92°C compared to pre-industrial levels in 2050 (consistent with the A1B IPCC SRES scenario) could lead to global GDP losses of approximately 0.5% compared to a hypothetical scenario where no climate change is assumed to occur. Northern Europe is expected to slightly benefit (+0.18%), while Southern and Eastern Europe are expected to suffer from the climate change scenario under analysis (-0.15% and -0.21% respectively). Most vulnerable countries are the less developed regions, such as South Asia, South-East Asia, North Africa and Sub-Saharan Africa.

Suggested Citation

  • Francesco Bosello & Fabio Eboli & Roberta Pierfederici, 2012. "Assessing the Economic Impacts of Climate Change," Review of Environment, Energy and Economics - Re3, Fondazione Eni Enrico Mattei, February.
  • Handle: RePEc:fem:femre3:2012.02-03
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    Cited by:

    1. repec:eee:jpolmo:v:39:y:2017:i:6:p:1141-1162 is not listed on IDEAS
    2. Richard S. J. Tol & Robert J. Nicholls & Sally Brown & Jochen Hinkel & Athanasios T. Vafeidis & Tom Spencer & Mark Schuerch, 2016. "Comment on ‘The Global Impacts of Extreme Sea-Level Rise: A Comprehensive Economic Assessment’," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 64(2), pages 341-344, June.
    3. Hjort, Ingrid, 2016. "Potential Climate Risks in Financial Markets: A Literature Overview," Memorandum 01/2016, Oslo University, Department of Economics.
    4. T. Chatzivasileiadis & F. Estrada & M. W. Hofkes & R. S. J. Tol, 2017. "Systematic sensitivity analysis of the full economic impacts of sea level rise," Working Paper Series 1617, Department of Economics, University of Sussex.
    5. Mattia Amadio & Jaroslav Mysiak & Lorenzo Carrera & Elco Koks, 2016. "Improving flood damage assessment models in Italy," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 82(3), pages 2075-2088, July.
    6. Theodoros N. Chatzivasileiadis & Marjan W. Hofkes & Onno J. Kuik & Richard S.J. Tol, 2016. "Full economic impacts of sea level rise: loss of productive resources and transport disruptions," Working Paper Series 9916, Department of Economics, University of Sussex.
    7. Valeria Costantini & Giorgia Sforna & Anil Markandya & Elena Paglialunga, 2017. "Impact And Distribution Of Climatic Damages: A Methodological Proposal With A Dynamic Cge Model Applied To Global Climate Negotiations," Departmental Working Papers of Economics - University 'Roma Tre' 0226, Department of Economics - University Roma Tre.
    8. Thomas Brenner & Daniel Lee, 2014. "Weather Conditions and Economic Growth - Is Productivity Hampered by Climate Change?," Working Papers on Innovation and Space 2014-06, Philipps University Marburg, Department of Geography.
    9. Richard S. J. Tol, 2016. "The Impacts Of Climate Change According To The Ipcc," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 1-20, February.
    10. Halkos, George, 2013. "Uncertainty in optimal pollution levels: Modeling the benefit area," MPRA Paper 47768, University Library of Munich, Germany.
    11. Richard Tol, 2015. "Bootstraps for Meta-Analysis with an Application to the Impact of Climate Change," Computational Economics, Springer;Society for Computational Economics, vol. 46(2), pages 287-303, August.
    12. CISCAR MARTINEZ Juan Carlos & FEYEN Luc & SORIA RAMIREZ Antonio & LAVALLE Carlo & PERRY Miles & RAES Frank & NEMRY Francoise & DEMIREL Hande & RÓZSAI Máté & DOSIO Alessandro & DONATELLI Marcello & SRI, 2014. "Climate Impacts in Europe. The JRC PESETA II Project," JRC Working Papers JRC87011, Joint Research Centre (Seville site).
      • Ciscar, Juan-Carlos & Feyen, Luc & Soria, Antonio & Lavalle, Carlo & Raes, Frank & Perry, Miles & Nemry, Françoise & Demirel, Hande & Rozsai, Máté & Dosio, Alessandro & Donatelli, Marcello & Srivastav, 2014. "Climate Impacts in Europe - The JRC PESETA II Project," MPRA Paper 55725, University Library of Munich, Germany.
    13. Anil Markandya, 2017. "State of Knowledge on Climate Change, Water, and Economics," World Bank Other Operational Studies 26491, The World Bank.
    14. Bosello, Francesco & De Cian, Enrica, 2014. "Climate change, sea level rise, and coastal disasters. A review of modeling practices," Energy Economics, Elsevier, vol. 46(C), pages 593-605.
    15. Tol, Richard S.J., 2013. "Targets for global climate policy: An overview," Journal of Economic Dynamics and Control, Elsevier, vol. 37(5), pages 911-928.
    16. Francesco Bosello & Enrica De Cian & Licia Ferranna, 2015. "Catastrophic Risk, Precautionary Abatement, and Adaptation Transfers," Working Papers 2014.108, Fondazione Eni Enrico Mattei.
    17. Halkos, George, 2014. "The Economics of Climate Change Policy: Critical review and future policy directions," MPRA Paper 56841, University Library of Munich, Germany.
    18. Theodoros N. Chatzivasileiadis & Marjan W. Hofkes & Onno J. Kuik & Richard S.J. Tol, 2016. "Full economic impacts of sea level rise: loss of productive resources and transport disruptions," Working Paper Series 09916, Department of Economics, University of Sussex.
    19. Richard S.J. Tol, 2016. "Dangerous Interference With The Climate System: An Economic Assessment," Working Paper Series 10016, Department of Economics, University of Sussex.

    More about this item

    Keywords

    Computable General Equilibrium Modeling; Impact Assessment; Climate Change;

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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