The economic analysis of climate change explains how economic thinking, tools and techniques are applied to calculate the magnitude and distribution of damage caused by climate change. It also informs the policies and approaches for mitigation and adaptation to climate change from global to household scales. This topic is also inclusive of alternative economic approaches, including ecological economics and degrowth.
Economic analysis of climate change is considered challenging as it is a long-term problem and has substantial distributional issues within and across countries. Furthermore, it engages with uncertainty about the physical damages of climate changes, human responses, and future socioeconomic development.
Sub-topics within the economic analysis concept are the economic impacts of climate change, as well as the economics of climate change mitigation.
Climate change scenario and Climate change mitigation scenarios
Effects of climate change may last a long time, such as sea level rise which will not be reversed for thousands of years. The long time scales and uncertainty associated with global warming have led analysts to develop "scenarios" of future environmental, social and economic changes. These scenarios can help governments understand the potential consequences of their decisions.
One of the economic aspects of climate change is producing scenarios of future economic development. Future economic developments can, for example, affect how vulnerable society is to future climate change, what the future impacts of climate change might be, as well as the level of future GHG emissions.
In scenario analysis, scenarios are developed that are based on differing assumptions of future development patterns. An example of this are the shared socioeconomic pathways produced by the Intergovernmental Panel on Climate Change (IPCC). These project a wide range of possible future emissions levels.
Some analysts have developed scenarios that project a continuation of current policies into the future.
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In common usage, climate change describes global warming—the ongoing increase in global average temperature—and its effects on Earth's climate system. Climate change in a broader sense also includes previous long-term changes to Earth's climate. The current rise in global average temperature is more rapid than previous changes, and is primarily caused by humans burning fossil fuels. Fossil fuel use, deforestation, and some agricultural and industrial practices increase greenhouse gases, notably carbon dioxide and methane.
The Stern Review on the Economics of Climate Change is a 700-page report released for the Government of the United Kingdom on 30 October 2006 by economist Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics (LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE. The report discusses the effect of global warming on the world economy.
The economic analysis of climate change explains how economic thinking, tools and techniques are applied to calculate the magnitude and distribution of damage caused by climate change. It also informs the policies and approaches for mitigation and adaptation to climate change from global to household scales. This topic is also inclusive of alternative economic approaches, including ecological economics and degrowth. Economic analysis of climate change is considered challenging as it is a long-term problem and has substantial distributional issues within and across countries.
This doctoral course provides an introduction to optimal control covering fundamental theory, numerical implementation and problem formulation for applications.
The course equips students with a comprehensive scientific understanding of climate change covering a wide range of topics from physical principles, historical climate change, greenhouse gas emissions
The course introduces non economists to the economic analysis of climate change: economic activity and climate change, estimation of climate impacts, optimal mitigation and adaptation, national and in
Explores the importance of climate change for snow scientists, covering definitions, effects of continentality and elevation, snow cover classification, and the state of the cryosphere.