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The Economic Cost of Climate Change in Europe: Synthesis Report on COACCH Interim Results

This document synthesises the latest results from the COACCH project on the economic costs of climate change in Europe by sector and socio-economic tipping points.
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Introduction

Climate change will lead to economic costs. These costs, which are often known as the ‘costs of inaction’, provide key inputs to the policy debate on climate risks, mitigation and adaptation.

The objective of the COACCH project (COdesigning the Assessment of Climate CHange costs) is to produce an improved downscaled assessment of the risks and costs of climate change in Europe. The project is proactively involving stakeholders in co-design, coproduction and co-dissemination, to produce research that is of direct use to end users from the research, business, investment and policy making communities.

This document synthesises the latest results from the COACCH project on the economic costs of climate change in Europe and identifies areas of possible discussion to explore with stakeholders at the second COACCH workshop.

*Download the full publication from the right-hand column. A summary of the key messages from the case study are provided below. See the full text for more details.

COACCH Results: Sector Economic Costs

The COACCH project has produced new sector estimates of the economic costs of climate change. This has been undertaken for the following sectors:

Coastal flooding, river flooding, business, services and industry, energy, transport, agriculture, forestry and fisheries, biodiversity and ecosystem services, macroeconomics, growth and competitiveness, climate tipping points, socio-economic tipping points, flood insurance affordability in Europe, sea-level rise and coastal migration, food production shocks.

More details about the estimates can be found in the report.Where possible, results are reported as the combined impacts of future climate and socio-economic change together, along with a commentary on the importance of climate versus socio-economics in the estimates. In some sectors, early analysis of the costs and benefits of adaptation has been assessed.

Socio-Economic Tipping Points

The COACCH project has developed a new concept of socio-economic tipping points (SETP). This idea recognises that even gradual climate change may abruptly and significantly alter the functioning of socio-economic systems, which can lead to major economic costs. These changes may arise directly in Europe, but may also involve global events that subsequently spill-into into Europe.

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