Assessing Climate Change Costs and Benefits for Regional Ecosystems

Abstract

The costs and benefits of climate change impacts and adaptations for the ecosystems sector are inherently difficult to quantify. While some facets of the sector are revenue-generating and are therefore amenable to certain cost-benefit assumptions, other facets have intrinsic, non-market values that are less appropriate for a cost-benefit framework. Furthermore, precise knowledge about the nature of climate impacts and the types of adaptation options available is limited. Using New York State as a case study, this article applies a six-step methodology to identify which components of the state's ecosystems sector will potentially face the greatest costs as the result of climate change, and to suggest areas that require more detailed investigation of both impacts and adaptation options.

Keywords: Economics of adaptation, Ecosystems, Climate Change, Impacts

JEL Classification: Q51, Q54, R51