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An economic analysis of climate change uses economic tools and models to calculate the magnitude and distribution of damages caused by climate change. It can also give guidance for the best policies for mitigation and adaptation to climate change from an economic perspective. There are many economic models and frameworks.
The economics of climate change mitigation are a central point of contention whose considerations significantly affect the level of climate action at every level from local to global. For example, higher interest rates are slowing solar panel installation in developing countries.
The Dynamic Integrated Climate-Economy model, referred to as the DICE model or Dice model, is a neoclassical integrated assessment model developed by 2018 Nobel Laureate William Nordhaus that integrates in the neoclassical economics, carbon cycle, climate science, and estimated impacts allowing the weighing of subjectively guessed costs and subjectively guessed benefits of taking steps to slow ...
A carbon budget is a concept used in climate policy to help set emissions reduction targets in a fair and effective way. It examines the "maximum amount of cumulative net global anthropogenic carbon dioxide (CO 2) emissions that would result in limiting global warming to a given level". [ 2]: 2220 It can be expressed relative to the pre ...
Climate risk. The risk equation shows that climate risk is a product of hazard, exposure, and climate change vulnerability (where 'x' represents interaction between the components). [ 1] Climate risk is the potential for problems for societies or ecosystems from the impacts of climate change. [ 2] The assessment of climate risk is based on ...
The Special Report on Emissions Scenarios ( SRES) is a report by the Intergovernmental Panel on Climate Change (IPCC) that was published in 2000. The greenhouse gas emissions scenarios described in the Report have been used to make projections of possible future climate change. The SRES scenarios, as they are often called, were used in the IPCC ...
The Economists' Statement on Climate Change was published in 1997, [1] [2] prior to the Kyoto Protocol negotiated that same year, to promote market-based solutions to climate change. It was signed by more than 2,600 economists, [3] including 19 Nobel Prize laureates, and remains the largest public statement in the history of the economics ...
Climate sensitivity is a key measure in climate science and describes how much Earth's surface will warm for a doubling in the atmospheric carbon dioxide (CO 2) concentration. [ 1][ 2] Its formal definition is: "The change in the surface temperature in response to a change in the atmospheric carbon dioxide (CO 2) concentration or other ...