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Journal Article

Integrated perspective on translating biophysical to economic impacts of climate change

Authors
/persons/resource/franziska.piontek

Piontek,  Franziska
Potsdam Institute for Climate Impact Research;

Drouet,  Laurent
External Organizations;

Emmerling,  Johannes
External Organizations;

Kompas,  Tom
External Organizations;

Méjean,  Aurélie
External Organizations;

/persons/resource/christian.otto

Otto,  Christian
Potsdam Institute for Climate Impact Research;

Rising,  James
External Organizations;

/persons/resource/bjoern.soergel

Sörgel,  Björn
Potsdam Institute for Climate Impact Research;

Taconet,  Nicolas
External Organizations;

Tavoni,  Massimo
External Organizations;

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Citation

Piontek, F., Drouet, L., Emmerling, J., Kompas, T., Méjean, A., Otto, C., Rising, J., Sörgel, B., Taconet, N., Tavoni, M. (2021): Integrated perspective on translating biophysical to economic impacts of climate change. - Nature Climate Change, 11, 7, 563-572.
https://doi.org/10.1038/s41558-021-01065-y


Cite as: https://publications.pik-potsdam.de/pubman/item/item_25744
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.