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An Analysis of Adaptation as a Response to Climate Change


Francesco Bosello


Fondazione Eni Enrico Mattei (FEEM); University of Milan - Department of Economics, Business and Statistics; Centro Euro-Mediterraneo per i Cambiamenti Climatici (CMCC)

Carlo Carraro


Fondazione Eni Enrico Mattei (FEEM); Ca Foscari University of Venice - Department of Economics; Centre for Economic Policy Research (CEPR); CMCC - Euro Mediterranean Centre for Climate Change (Climate Policy Division); IPCC Working Group III

Enrica De Cian


Fondazione Eni Enrico Mattei (FEEM); Centro Euro-Mediterraneo per i Cambiamenti Climatici (CMCC)

November 25, 2009

University Ca' Foscari of Venice, Dept. of Economics Research Paper Series No. 26_09

Abstract:     
Climate change is likely to have relevant effects on our future socio-economic systems. It is therefore important to identify how markets and policy jointly react to expected climate change to protect our societies and well-being. This study addresses this issue by carrying out an integrated analysis of both optimal mitigation and adaptation at the global and regional level. Adaptation responses are disentangled into three different modes: reactive adaptation, proactive (or anticipatory) adaptation, and investments in innovation for adaptation purposes. The size, the timing, the relative contribution to total climate-related damage reduction, and the benefit-cost ratios of each of these strategies are assessed for the world as a whole, and for developed and developing countries in both a cooperative and a non-cooperative setting.
The study also takes into account the role of price signals and markets in inducing and diffusing adaptation. This leads to two scenarios: A pessimistic one, in which policy-driven adaptation bears the burden, together with mitigation, of reducing climate damage; and an optimistic one, in which markets also autonomously contribute to reducing some damages by modifying sectoral structure, international trade flows, capital distribution and land allocation. For all scenarios, the costs and benefits of adaptation are assessed using WITCH, an integrated assessment, intertemporal optimization, forward-looking model. Extensive sensitivity analysis with respect to the size of climate damages and of the discount rate has also been carried out.

Number of Pages in PDF File: 62

Keywords: Climate change impacts, mitigation, adaptation, integrated assessment model

JEL Classification: Q54, Q56, Q43

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Date posted: November 28, 2009  

Suggested Citation

Bosello, Francesco and Carraro, Carlo and De Cian, Enrica, An Analysis of Adaptation as a Response to Climate Change (November 25, 2009). University Ca' Foscari of Venice, Dept. of Economics Research Paper Series No. 26_09. Available at SSRN: http://ssrn.com/abstract=1513286 or http://dx.doi.org/10.2139/ssrn.1513286

Contact Information

Francesco Bosello
Fondazione Eni Enrico Mattei (FEEM) ( email )
Campo S. M. Formosa, Castello 5252
Venezia, 30122
Italy
+39 041 271 1459 (Phone)
+39 041 271 1461 (Fax)
University of Milan - Department of Economics, Business and Statistics
Via Festa del Perdono, 7
Milan, 20122
Italy
Centro Euro-Mediterraneo per i Cambiamenti Climatici (CMCC)
Viale Gallipoli, 49
Lecce, 73100
Italy
Carlo Carraro (Contact Author)
Fondazione Eni Enrico Mattei (FEEM) ( email )
Campo S. M. Formosa, Castello 5252
Venezia, 30122
Italy
+39 04 1271 1453 (Phone)
+39 04 1271 1461 (Fax)
Ca Foscari University of Venice - Department of Economics ( email )
Cannaregio 873
Venice, 30121
Italy
+39 04 1234 9166 (Phone)
+39 04 1234 9176 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
CMCC - Euro Mediterranean Centre for Climate Change (Climate Policy Division)
73100 Lecce
Italy
Intergovernmental Panel on Climate Change (IPCC)
A. van Leeuwenhoeklaan 9
P.O. Box 1
BA Bilthoven 3720
Netherlands
+31 30 274 4281 (Phone)
+31 30 274 4464 (Fax)
Enrica De Cian
Fondazione Eni Enrico Mattei (FEEM) ( email )
Campo S. M. Formosa, Castello 5252
Venice, 30122
Italy
Centro Euro-Mediterraneo per i Cambiamenti Climatici (CMCC) ( email )
Viale Gallipoli, 49
Lecce, 73100
Italy
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