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The Costs of Extreme Weather Events Caused by Climate Change

داریوش
داریوش

CMCC@Ca’Foscari online and in presence seminar
Thursday, May 26th, 2022 | h. 02:00 pm CEST

Speaker:
Ilan Noy, Chair in the Economics of Disasters and Climate Change and Professor of Economics at Victoria University of Wellington

Moderator:
Letizia Monteleone, Research fellow at CMCC@Ca’Foscari, Risk Assessment and Adaptation Strategies Division

Climate change is already increasing the severity of some extreme weather events, such as with rainfall during tropical or extra-tropical cyclones. Extreme Weather Event Attribution, a branch of climate science, quantifies the extent to which anthropogenic climate change has modified the frequencies and intensities of specific extreme weather events that have already occurred. But, no previous research has combined this information with socio-economic data to identify the share of the economic costs of extreme weather events that was caused by climate change. We present two examples of such an approach. In the first, we use attribution science about Hurricane Harvey (in Texas, 2017) with hydrological flood models and detailed land-parcel and census tract socio-economic data. We describe the micro-scale spatial characteristics of current climate change-induced impacts. In the second example, using a meta-analysis of attribution quantifications, we demonstrate that the global current costs of climate change are underestimated. We estimate that climate change-attributed extreme weather events have cost the world $2.9 trillion from 2000 to 2019. This is significantly higher than estimates from leading Integrated Assessment Models (IAM) such as DICE and FUND.
Read more: https://www.cmcc.it/lectures_conferences/the-costs-of-extreme-weather-events-caused-by-climate-change

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The Costs of Extreme Weather Events Caused by Climate Change

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CMCC@Ca’Foscari online and in presence seminar
Thursday, May 26th, 2022 | h. 02:00 pm CEST

Speaker:
Ilan Noy, Chair in the Economics of Disasters and Climate Change and Professor of Economics at Victoria University of Wellington

Moderator:
Letizia Monteleone, Research fellow at CMCC@Ca’Foscari, Risk Assessment and Adaptation Strategies Division

Climate change is already increasing the severity of some extreme weather events, such as with rainfall during tropical or extra-tropical cyclones. Extreme Weather Event Attribution, a branch of climate science, quantifies the extent to which anthropogenic climate change has modified the frequencies and intensities of specific extreme weather events that have already occurred. But, no previous research has combined this information with socio-economic data to identify the share of the economic costs of extreme weather events that was caused by climate change. We present two examples of such an approach. In the first, we use attribution science about Hurricane Harvey (in Texas, 2017) with hydrological flood models and detailed land-parcel and census tract socio-economic data. We describe the micro-scale spatial characteristics of current climate change-induced impacts. In the second example, using a meta-analysis of attribution quantifications, we demonstrate that the global current costs of climate change are underestimated. We estimate that climate change-attributed extreme weather events have cost the world $2.9 trillion from 2000 to 2019. This is significantly higher than estimates from leading Integrated Assessment Models (IAM) such as DICE and FUND.
Read more: https://www.cmcc.it/lectures_conferences/the-costs-of-extreme-weather-events-caused-by-climate-change

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