Policy makers and economists are confronted with the challenge of COVID-19 recovery, towards a carbon neutral economy to debate climate economics. Also creating the conditions for inclusive and fair economic prosperity while moving towards climate neutrality to secure sustainable growth.
This will require a coherent mix of economic policy tools that orient investment and consumption decisions towards sustainable activities across the whole economy. The ECFIN webinar will address the distributional and competitiveness aspects of the transition.
Seminar on the economics of climate change
Towards a carbon neutral economy – what role for economic policies?”
The capacity to deliver these economic outcomes requires a deeper understanding of the economic implications of the climate transition. Advanced modelling techniques can help simulate the various impacts of an appropriate policy mix. The webinar will comprise three sessions:
- The cost of inaction on climate change
- The design of cost-effective economic policies to mitigate climate change
- Macro-economics and climate action – what are the missing links?
The seminar will bring together a range of researchers, academics and experts. Experts come from the European Commission and the International Monetary Fund.
Commissioner Paolo Gentiloni will give some introductory remarks. A keynote speech follows by Lord Nicholas Stern, IG Patel Professor of Economics and Government, LSE and Chair of the Grantham Research Institute on Climate Change and the Environment.
The future costs and benefits of climate change are uncertain and unevenly distributed. For example, the costs of dealing with the impacts of climate change will disproportionately fall on developing countries. Also he financial costs of cutting emissions to mitigate those impacts fall mostly on developed nations.
With climate change, environmental degradation and growing inequalities, a bigger question loomed. Is Gross Domestic Product (GDP) alone was an adequate indicator of countries’ economic success. The commission therefore recommended a “dashboard of indicators” complementary to GDP to measure sustainable economies.
Population growth, geopolitical shifts and new technologies are also part of the global economic transition at the core of the Paris talks. New technologies have high costs, which decline over time. Economies are constantly changing and sharing could have a profound impact on the way companies do business, access finance and develop technology.
eudebates climate economics
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