RESEARCH RECOMMENDATIONS

The committee makes the following recommendations to improve the understanding of physical, biological, and human impacts, as well as economic valuation aspects related to climate change.

  • More research on climate damages is needed, as current valuation literature relies heavily on climate-change impact data from the year 2000 and earlier (see Tol [2008] for a number of fruitful areas).

  • Marginal damages of GHG emissions may be highly sensitive to the possibility of catastrophic events. More research is needed on their impacts, the magnitude of the damage in economic terms, and the probabilities associated with various types of catastrophic events and impacts.

  • Estimates of the marginal damage of a ton of CO2 include aggregate damages across countries according to GDP, thus giving less weight to the damages borne by low-income countries. These aggregate estimates should be supplemented by distributional measures that describe how the burden of climate change varies among countries.



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