ClimateCost - The Full Costs of Climate Change
The Full Costs of Climate Change (ClimateCost) is a European Commission DG RTD funded project under the 7th Framework Programme. It conducts multi-disciplinary research, linking climate scientists, impact experts and economists but has a strong policy orientation.
The economics of climate change informs policy on long-term targets, the costs of inaction and the costs and benefits of adaptation. ClimateCost will advance knowledge on the full economic costs of climate change.
The objectives are:
1. To identify and develop consistent climate change and socio-economic scenarios.
2. To quantify the ‘costs of inaction’ with bottom-up spatial modelling for market and non-market sectors (coasts, health, ecosystems, energy, water, infrastructure) in the EU and US, China, India, and to quantify and value the costs and benefits of adaptation.
3. To asses the physical effects and economic damages of major catastrophic events and socially contingent effects.
4. To update the mitigation costs reduction targets including induced technological change, non CO2 sources and sinks, and recent abatement technologies.
5. To quantify the ancillary air quality benefits of mitigation.
6. To integrate the analyses through complementary models.
7. To provide policy relevant output for policy scenarios.