Valuation of climate change impact scenarios

The valuation of climate change impacts is a logical extension of integrated modelling of downscaled climate forecasts. In agriculture, national climate scenarios ideally need to be downscaled and translated into regionally-specific monetary damage estimates to crops, livestock and other non-market impacts that arise as adaptation takes place. This valuation exercise is challenging since the range of impacts requires the output of a range of integrated biophysical and epidemiological models including risk. But this valuation is useful for two reasons: first, as an input to cost-benefit analysis of adaptation plans; and second, as an input to the global damage cost estimates that inform the calculation of the Shadow Price of Carbon (see Watkiss and Downing, 2008).

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