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Integrated perspective on translating biophysical to economic impacts of climate change

Author

Listed:
  • Franziska Piontek

    (Potsdam Institute for Climate Impact Research, Member of the Leibniz Association)

  • Laurent Drouet

    (Centro Euro-Mediterraneo sui Cambiamenti Climatici)

  • Johannes Emmerling

    (Centro Euro-Mediterraneo sui Cambiamenti Climatici)

  • Tom Kompas

    (University of Melbourne)

  • Aurélie Méjean

    (Centre International de Recherche sur l’Environnement et le Développement (CIRED), CNRS)

  • Christian Otto

    (Potsdam Institute for Climate Impact Research, Member of the Leibniz Association)

  • James Rising

    (London School of Economics and Political Science)

  • Bjoern Soergel

    (Potsdam Institute for Climate Impact Research, Member of the Leibniz Association)

  • Nicolas Taconet

    (ENPC)

  • Massimo Tavoni

    (Centro Euro-Mediterraneo sui Cambiamenti Climatici)

Abstract

Estimates of climate change’s economic impacts vary widely, depending on the applied methodology. This uncertainty is a barrier for policymakers seeking to quantify the benefits of mitigation. In this Perspective, we provide a comprehensive overview and categorization of the pathways and methods translating biophysical impacts into economic damages. We highlight the open question of the persistence of impacts as well as key methodological gaps, in particular the effect of including inequality and adaptation in the assessments. We discuss the need for intensifying interdisciplinary research, focusing on the uncertainty of econometric estimates of damages as well as identification of the most socioeconomically relevant types of impact. A structured model intercomparison related to economic impacts is noted as a crucial next step.

Suggested Citation

  • Franziska Piontek & Laurent Drouet & Johannes Emmerling & Tom Kompas & Aurélie Méjean & Christian Otto & James Rising & Bjoern Soergel & Nicolas Taconet & Massimo Tavoni, 2021. "Integrated perspective on translating biophysical to economic impacts of climate change," Nature Climate Change, Nature, vol. 11(7), pages 563-572, July.
    • Handle: RePEc:nat:natcli:v:11:y:2021:i:7:d:10.1038_s41558-021-01065-y
    DOI: 10.1038/s41558-021-01065-y
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    Citations

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    Cited by:

    1. Gabriele Standardi, 2023. "Exploring market-driven adaptation to climate change in a general equilibrium global trade model," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 28(2), pages 1-29, February.
    2. Gabriel Bachner & Daniel Lincke & Jochen Hinkel, 2022. "The macroeconomic effects of adapting to high-end sea-level rise via protection and migration," Nature Communications, Nature, vol. 13(1), pages 1-13, December.
    3. Chang, Jun-Jie & Mi, Zhifu & Wei, Yi-Ming, 2023. "Temperature and GDP: A review of climate econometrics analysis," Structural Change and Economic Dynamics, Elsevier, vol. 66(C), pages 383-392.
    4. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.T., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," Ecological Economics, Elsevier, vol. 197(C).
    5. Fangzhi Wang & Hua Liao & Richard S. J. Tol & Changjing Ji, 2023. "Endogenous preference for non-market goods in carbon abatement decision," Papers 2312.11010, arXiv.org.
    6. Ye, Liping, 2022. "The effect of climate news risk on uncertainties," Technological Forecasting and Social Change, Elsevier, vol. 178(C).
    7. Rising, James A. & Taylor, Charlotte & Ives, Matthew C. & Ward, Robert E.t., 2022. "Challenges and innovations in the economic evaluation of the risks of climate change," LSE Research Online Documents on Economics 114941, London School of Economics and Political Science, LSE Library.
    8. Hazem Krichene & Thomas Vogt & Franziska Piontek & Tobias Geiger & Christof Schötz & Christian Otto, 2023. "The social costs of tropical cyclones," Nature Communications, Nature, vol. 14(1), pages 1-13, December.

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