Economics of climate change and cost of inaction

Expected Outcome:Project results are expected to contribute to some of the following expected outcomes:A more robust understanding of the costs of climate inaction and their distribution, accounting for climate change impacts, foregone co-benefits such as health and biodiversity related, and increased adaptation needs, stimulating higher levels of climate ambition.Greater consistency in how socio-economic and physical science disciplines address climate change with enhanced inter- and transdisciplinary collaboration leading to improved, more realistic and more context-specific, regionally differentiated assessments of socio-economic impacts of climate change, and tailored tools to better inform strategic decisions on climate action, security and resilience by public and private actors.Knowledge on the interactions between climate change impacts, climate action and global and regional economic performance is advanced. More clarity is gained on the implications of climate change and climate policies on European competitiveness, economic security and strategic autonomy, with enhanced assessment of opportunities, risks, benefits and costs for the EU economy and citizens.Best available evidence and policy recommendations are made available in a timely manner and effectively transferred to inform the Paris Agreement, European Climate Risk Assessments (EUCRA), the European Climate Adaptation Plan, the Preparedness Union Strategy, the Clean Industrial Deal, IPCC, IPBES and other initiative. Scope:As emphasized by the IPCC, it is urgent to better understand the benefits and opportunities associated with deep, rapid and sustained mitigation and accelerated adaptation action to inform strategic decisions. Comprehensive assessments of the socio-economic impacts of climate change are essential for this, however, current approaches face significant challenges with a wide uncertainty in global damage estimates, fragmentation, lack of comparability across methodologies, and relianc