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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 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 /m^2. 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, 2005. "Economic Impact Assessment of Climate Change: A Multi-Gas Investigation with WIAGEM-GTAPEL-ICM," Discussion Papers of DIW Berlin 499, DIW Berlin, German Institute for Economic Research.
    • Handle: RePEc:diw:diwwpp:dp499
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    References listed on IDEAS

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    1. Alan S. Manne & Richard G. Richels, 2001. "An alternative approach to establishing trade-offs among greenhouse gases," Nature, Nature, vol. 410(6829), pages 675-677, April.
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    Cited by:

    1. Kuik, Onno & Brander, Luke & Tol, Richard S.J., 2009. "Marginal abatement costs of greenhouse gas emissions: A meta-analysis," Energy Policy, Elsevier, vol. 37(4), pages 1395-1403, April.
    2. Nebojsa Nakicenovic & Peter Kolp & Keywan Riahi & Mikiko Kainuma & Tatsuya Hanaoka, 2006. "Assessment of emissions scenarios revisited," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 7(3), pages 137-173, January.
    3. Bosetti, Valentina & Buchner, Barbara, 2009. "Data Envelopment Analysis of different climate policy scenarios," Ecological Economics, Elsevier, vol. 68(5), pages 1340-1354, March.
    4. Truong P. Truong & Claudia Kemfert, 2005. "A Flexible Global Warming Index for Use in an Integrated Approach to Climate Change Assessment," Discussion Papers of DIW Berlin 529, DIW Berlin, German Institute for Economic Research.
    5. Nebojsa Nakicenovic & Peter Kolp & Keywan Riahi & Mikiko Kainuma & Tatsuya Hanaoka, 2006. "Assessment of emissions scenarios revisited," Environmental Economics and Policy Studies, Springer;Society for Environmental Economics and Policy Studies - SEEPS, vol. 7(3), pages 137-173, September.
    6. Rick Baker & Andrew Barker & Alan Johnston & Michael Kohlhaas, 2008. "The Stern Review: an assessment of its methodology," Staff Working Papers 0801, Productivity Commission, Government of Australia.

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