Balancing Climate Policies and Economic Development in the Mediterranean Countries

Chiara Castelli, Marta Castellini, Camilla Gusperti, Veronica Lupi and Sergio Vergalli
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Chiara Castelli: Wiener Institut für Internationale Wirtschaftsvergleiche
Marta Castellini: Department of Economics and Management "Marco Fanno", University of Padua and Fondazione Eni Enrico Mattei
Camilla Gusperti: Department of Economics and Management, Università degli Studi di Brescia and Fondazione Eni Enrico Mattei
Veronica Lupi: Department of Environmental Economics, Institute for Environmental Studies, Vrije Universiteit and Fondazione Eni Enrico Mattei
Sergio Vergalli: Department of Economics and Management, Università degli Studi di Brescia and Fondazione Eni Enrico Mattei

No 2024.20, Working Papers from Fondazione Eni Enrico Mattei

Abstract: The goal of this work is to improve the spatial representation of the Regional Dynamic Integrated model of Climate and the Economy (RICE), in its ’99 version, focusing on the Mediterranean countries, while also updating the calibration to the base year 2015. We evaluate the impact of climate damages and temperature changes in several scenarios, drawing comparisons across regions. Thanks to the theoretical structure of the model, which considers energy as an explicit input factor, we examine macroeconomic and energy indicators across regions. We find that a general slow down in economic growth is needed to decrease emissions and keep temperature change within 2°C by the end of this century. Our results are embedded in a framework showing the costs of delaying the energy transition. Our figures relies on fossil-fuel inputs and exogenous energy saving improvements.

Keywords: IAMs; climate change; social cost of carbon; emissions; temperature; energy; Mediterranean region; Mediterranean countries (search for similar items in EconPapers)
JEL-codes: H23 Q54 R13 (search for similar items in EconPapers)
Date: 2024-07
New Economics Papers: this item is included in nep-ene, nep-env and nep-inv
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