Adaptation to climate change: how to stimulate the economy and bring benefits to public finance

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The economic perspective has completely changed. Some years ago, any discussion on climate change and its priority among other economic issues were driven by the “old” climate change dilemma: adaptation and mitigation may have high cost, while benefits may be larger, but far in the future.

“Nowadays, we know that climate change is no longer a problem for future generation: it is about present generation, it is about our societies”.

The economist Carlo Carraro (Vice chair IPCC WG3, Professor at Ca’ Foscari University Venice, CMCC and Feem) explains that considering adaptation as a long-term investment could stimulate the economy and bring benefits for public revenues and for GDP. By showing concrete examples and figures, Prof. Carraro talks about how immediate investments in adaptation are costly in the short term, but produce positive impacts on the public debt in the medium-term because the avoided spending for flooding, droughts, hydrogeological disaster is larger then the investment in adaptation measures and infrastructures.

Watch the video:

Read the full article on Climate Science & Policy, the free digital magazine edited by CMCC.

This video is part of the COP21 Side Event “Regions and Climate Change: a major challenge for local communities” – COP Conference Center, Observer Room 12, Paris – December 10, 2015 – organized by the Euro-Mediterranean Center on Climate Change – CMCC (Lead applicant) in collaboration with the Basque Centre for Climate Change – BC3 (co-applicant) and the Italian Society for Climate Sciences – SISC (co-applicant).
More information are available here.

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