英文摘要: | To evaluate policies to reduce greenhouse-gas emissions, economic models require estimates of how future climate change will affect well-being. So far, nearly all estimates of the economic impacts of future warming have been developed by combining estimates of impacts in individual sectors of the economy1, 2. Recent work has used variation in warming over time and space to produce top-down estimates of how past climate and weather shocks have affected economic output3, 4, 5. Here we propose a statistical framework for converting these top-down estimates of past economic costs of regional warming into projections of the economic cost of future global warming. Combining the latest physical climate models, socioeconomic projections, and economic estimates of past impacts, we find that future warming could raise the expected rate of economic growth in richer countries, reduce the expected rate of economic growth in poorer countries, and increase the variability of growth by increasing the climate’s variability. This study suggests we should rethink the focus on global impacts and the use of deterministic frameworks for modelling impacts and policy.
Cost–benefit integrated assessment models link the climate and the economy to calculate the optimal carbon tax or the social cost of carbon. The ‘damage function’ or ‘impact function’ is the crucial link that translates future warming into economic consequences. Right from the beginning of climate–economy modelling, the damage function was recognized as perhaps the most uncertain relation in these models6, 7. Modellers typically derive this relation by assuming that cumulative warming reduces economic output, assuming a functional form relating that output loss to global mean surface temperature, and calibrating that function to estimates of impacts in particular economic sectors (such as agriculture or tourism) at low to moderate levels of warming1, 2, 8, 9, 10. However, recent work has shown that basic assumptions about the functional form of damages are crucial to policy evaluations11, 12, 13, 14, 15, 16, 17, 18, leading some prominent economists to question the policy relevance of existing integrated assessment models, given their uncertain underpinnings19, 20. In contrast to this traditional ‘bottom-up’ approach to constructing a damage function from sectoral estimates of climate impacts, we develop and apply a new ‘top-down’, macroeconomic-based approach for constructing an impact function from historical climate–economy relationships and from climate models’ simulations of future outcomes. Conventional approaches begin from assumptions about nonlinearities, but the limited history of warming prevents us from estimating nonlinear economic responses. Instead of introducing assumptions about nonlinearities with difficult-to-quantify uncertainties, we focus on extrapolating observed historical relationships so that our impact functions can provide a clear, empirically grounded baseline which future work might extend through further assumptions. Our results are therefore most relevant to relatively small changes in climate. An emerging economics literature has begun analysing how climatic variables affect the broader economy3, 4, 21, 22, 23. In particular, recent work estimates how year-to-year variations in countries’ temperature and precipitation have affected their annual economic growth since 1950 and also how changes in countries’ average temperature and precipitation have affected their longer-run economic growth5. Through the former channel, future climate change could affect a country’s ‘short-run’ growth by changing the interannual variability (that is, year-to-year variance) of its climate, and through the latter channel, future climate change could affect a country’s ‘medium-run’ growth by changing its average climate (defined in our study as ten-year means). Ref. 5 finds that temperature and precipitation primarily affect the rate of output growth, not (as integrated assessment models have assumed) the level of output; that the magnitude and even the sign of these effects depend on countries’ per-capita income; and that the relationships are approximately linear. We use adapted versions of these historical relations to develop impact functions for climate change (see Methods). Most cost–benefit integrated assessment models simulate only global mean surface temperature, not country-level temperature or precipitation. We therefore relate economic outcomes to global mean surface temperature by using physical climate models to simulate the spatially heterogeneous implications of future global climate change. Our key contribution is our interdisciplinary statistical framework for converting historical estimates into probability distributions for the economic impacts of future climate change. Recently, ref. 24 heuristically transported the country-level impact estimates from ref. 5 to a global integrated assessment model to estimate the optimal carbon tax. We instead extend the approach of ref. 5 to develop distributions for impacts that can be directly implemented in future global or regional integrated assessment settings. In contrast to the heuristic implementation in ref. 24, our statistical framework uses a full physical climate model to connect the estimates of country-level impacts in ref. 5 to global temperature, allows impacts to vary continuously with income, and preserves the distinction between climate and weather shocks. Figure 1 illustrates the components of our statistical framework (expanded in Methods). We begin with time series of economic, population and climate variables by country over the latter half of the twentieth century (box A). Adapting the fixed-effects estimation procedure of ref. 5, we estimate how a change in a single year’s temperature and precipitation affects economic growth for poorer and richer countries, and we also follow ref. 5 in using long differences to estimate how longer-run changes in temperature and precipitation affect economic growth. These regressions generate distributions for parameters governing the economic impacts of past climate and weather shocks. We then combine these distributions with physical climate models’ projections of future temperature and precipitation (box B) and with benchmark socioeconomic projections for population and economic variables (box C) to obtain probability distributions for future climate impacts in each country (box D). We aggregate these country-level impacts to the global scale by applying ethical criteria that may weight impacts by the income of each country (box E). To provide a damage distribution useful for integrated assessment models, the final step summarizes the projected relationship between regional or global growth and global temperature change, with global temperature at each time step obtained from the same physical climate models used to project country-level climate variables (box F). The product of this final step is a set of probability distributions for the parameters governing how average global growth and the year-to-year variance of global growth change with global warming (box G).
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