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Economic Impact Assessment of Climate Change—A Multi-gas Investigation with WIAGEM-GTAPEL-ICM

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  • Claudia Kemfert
  • Truong P. Truong
  • Thomas Bruckner

Abstract

Climate change is a long-term issue due to the long lifespan of greenhouse gases (GHG) and the delayed response of the climate system. This paper investigates the long-term economic consequences of both climate change impacts and mitigation efforts by applying the multi-regional, multi-sectoral integrated assessment model WIAGEM based on GTAP-EL coupled with the reduced-form multi-gas climate model ICM. We investigate emissions reduction paths to reach a radiative forcing target of 4.5 W/m2. Economic impacts are studied and compared with and without the inclusion of all GHG gases. We find that multi-gas emissions reduction causes less economic losses compared with a case where only CO2 emissions reductions would be considered.

Suggested Citation

  • Claudia Kemfert & Truong P. Truong & Thomas Bruckner, 2006. "Economic Impact Assessment of Climate Change—A Multi-gas Investigation with WIAGEM-GTAPEL-ICM," The Energy Journal, , vol. 27(3_suppl), pages 441-460, December.
    • Handle: RePEc:sae:enejou:v:27:y:2006:i:3_suppl:p:441-460
    DOI: 10.5547/ISSN0195-6574-EJ-VolSI2006-NoSI3-23
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