Defining and assessing complex impact chains under different climate change scenarios, including macro-economic consequences, such as impact on growth and welfare, as well as non-market damage, constitute a prerequisite of policy-making.
Horizon 2020 COACCH project (Co-designing the Assessment of Climate Change costs) project will address these issues, bringing together world-leading specialists in engineering science, climatologists and socio-economics.
More specifically, the COACCH project will focus on:
- providing the evidence base on complex climate change impact chains, assessing their market, non-market, macroeconomic and social consequences in the EU up to a subnational resolution. It will integrate impact models, macroeconomic models and innovative non-modelling approaches, covering market (agriculture, forestry, industry, energy, etc.) and non-market sectors (ecosystems, health), and looking at competitiveness and growth of EU economies.
- delivering knowledge on the impacts and economic consequences of climate tipping points of major concern for Europe, and explore the new concept of climate-induced socio-economic tipping points, at European and national level.
- providing accurate economic valuation of climate action, identifying short to long-term mitigation and adaptation policy under climate change, including extreme events and tipping points. It will compare the respective performances according to different criteria of decision making under uncertainty, reducing uncertainty around valuation
The COACCH project kick off meeting took place in January in Venice, Italy.
The project, coordinated by the Fondazione Centro Euro-mediterraneo sui Cambiamenti Climatici (Italy) gathers 14 EU research institutes and involves around 30 business, academic and policy stakeholders, including industry, European Banks, insurance companies and policy representatives. The overall budget is about 4.9 M EUR, with duration of 42 Months.
The COACCH project has been funded under the topic Pathways towards the decarbonisation and resilience of the European economy in the timeframe 2030-2050 and beyond, call 2017.