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Friday, December 4, 2009

PESETA Project

Just in time for Copenhagen, the European Union's Joint Research Centre has released a report with results from the PESETA project (Projection of Economic Impacts of Climate Change in Sectors of the European Union Based on Bottom-Up Analysis). The project represents an integrated assessment of the impacts of climate change on five key European sectors (agriculture, river floods, coastal systems, tourism, and human health) under climatic and socio-economic scenarios. These impacts are then translated into economic impacts through the use of the GEM-E3 Europe computable general equilibrium model. As with most other similar studies, the reports suggests economic impacts on the order of 0.7 to 1% of GDP, depending on the magnitude of future climate change and the effectiveness of adaptation.

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