Financial Impacts of Climate Change: What Scale of Resources is Required?

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This paper summarises various estimates of the financial impacts of climate change. It differentiates between studies referring to incremental costs (UNFCCC, World Bank, Oxfam, UNDP, OIES) and those referring to costs expressed as a percentage of global economic output (Stern Review, UNDP, Vattenfall, European Commission, OECD, IPCC). Based on these studies, the paper presents the potential order of magnitude of costs to the EU27, as well as estimations of the role of the public sector in contributing to these costs. Finally, it identifies the gap between these estimated spending requirements and currently available finance and presents some proposals on how to close this financing gap.