Integrated perspective on translating biophysical to economic impacts of climate change

Franziska Piontek (), Laurent Drouet, Johannes Emmerling, Tom Kompas, Aurélie Méjean, Christian Otto, James Rising, Bjoern Soergel, Nicolas Taconet and Massimo Tavoni
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Franziska Piontek: Potsdam Institute for Climate Impact Research, Member of the Leibniz Association
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

Nature Climate Change, 2021, vol. 11, issue 7, 563-572

Abstract: 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.

Date: 2021
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DOI: 10.1038/s41558-021-01065-y

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