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- W41630528 abstract "There are two sides to the economics of climate change—the economic cost of impacts, including the cost of adaptation, and the economic cost of mitigation policy. Both are highly uncertain given our inability to understand fully the science of change, to comprehend the links between global change and local impact, to account for adaptation, and to look many decades into the future with any clarity. Both are also evolving continuously over time, so estimates must be associated with their dates of publication. The cost associated with potential impacts is generally judged as damage that could be avoided in the absence of that change. These estimates should include representations of adaptation, and so they are tied to systems' adaptive capacities. Some regions and sectors might benefit from moderate change over long periods of time. Estimates of modest costs or benefits aggregated to a global level may therefore hide enormous variations in costs and/or benefits at local, regional, or sectoral levels. The pace of climate change can have a large effect on the magnitude and distribution of costs and benefits; and even the low possibility of a high-consequence event associated with change cannot be ignored. The economic cost of mitigation depends critically upon the pace and flexibility of underlying economic activity, its geographic distribution, and the rate at which the future is discounted (its intertemporal distribution). Cost also depends on the design of the policy, itself; and so it depends critically on the political economy of international negotiation. Dynamic and spatial efficiency can reduce the cost of limiting atmospheric concentrations of greenhouse gases by 50–80 percent. Excessive near-term limitations of emissions can exacerbate long-term costs by comparable proportions." @default.
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- W41630528 date "2001-01-01" @default.
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- W41630528 title "Climate Change, Economics of" @default.
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- W41630528 doi "https://doi.org/10.1016/b0-08-043076-7/04167-x" @default.
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