Decarbonization vs. Adaptation of the Economy to Climate Change within the Sustainable Development Strategy

B. N. Porfiriev ()
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B. N. Porfiriev: Institute of Economic Forecasting, Russian Academy of Sciences

Studies on Russian Economic Development, 2022, vol. 33, issue 4, 385-391

Abstract: Abstract— The article discusses the priorities of climate change policies in the context of the implementation of sustainable development strategies at the global economic level and in the Russian economy. It is noted that even though the Paris Agreement (2015) envisions a comprehensive approach with an emphasis on the need to balance two equally important goals—minimizing net greenhouse gas emissions and adapting the economy to climate change; the latter goal has been pushed far into the background in the making of strategic decisions. The article substantiates the imperative nature and high economic efficiency (including a multiplier effect) of adaptation measures, the benefits of which are on average four times higher than the costs. The especial importance of adaptation planning and measures aimed at reducing losses and damage from climate change and its consequences for sustainable long-term socio-economic development of Russia is emphasized. It is noted that the role of adaptation to climate change in the strategic planning system (primarily in socioeconomic policy) needs to be significantly increased and that it is expedient to rationally make use of foreign, especially European, experience in adaptation planning and integration into the strategy of sustainable long-term development.

Keywords: decarbonization of the economy; adaptation of the economy to climate change; national adaptation plans; sustainable development; risks; economic efficiency; strategic planning (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1134/S1075700722040074

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