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22nd Conference of the Parties to the United Nations Framework Convention on Climate Change – COPP22 Side Event of UN Regional Commissions “Economics of Climate Change: Regional perspectives”

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22nd Conference of the Parties to the United Nations Framework Convention on Climate Change – COPP22 Side Event of UN Regional Commissions

“Economics of Climate Change: Regional perspectives”

15 November 2016, Bab Ighli, Marrakech, Morocco

Global climate change has observable effects on the environment and the society. There are more frequent wildfires, longer periods of droughts in some regions, an increase in the number, duration and intensity of tropical storms, accelerated sea level rise and longer, more intense heat waves. Global weather systems are being severely adversely impacted by anthropogenic climate change. Published evidence indicates that the net damage costs of climate change are likely to be significant and will increase over time. There is a need in concerted efforts to assess economic impacts of climate change to different economic sectors as well as damages from extreme weather events and costs related to climate related displacement. Based on such assessments, it is essential to devise appropriate economic instruments and policies to support climate change adaptation and mitigation efforts.

The high-level side event on “Economics of Climate Change: Regional perspectives” was organized by the five UN Regional Commissions to promote better understanding of the economic impacts of climate change in the regions and of investments needed at regional and national levels for climate change adaptation and mitigation. High-level representatives from the regions and Executive Secretaries of the regional commissions presented and discussed examples of national and regional efforts supporting the advancement of innovative response measures, economic instruments and policies for climate adaptation and mitigation. The discussion focused on issues of assessing economic impacts of climate change to different economic sectors, devising appropriate economic instruments, policies and regulatory reform to achieve cost efficient solutions to mitigation and adaptation, and ensuring equitable outcomes; and building statistical capacity of national governments and efforts to develop and deploy effective approaches and methodologies for measuring the economic impacts of climate change and the investment needs. High-level representatives from the regions expressed their appreciation to the efforts of the UN Regional Commissions to provide analysis, policy advice on economic impacts of climate change, on appropriate response measures, as well as on innovative sources of financing for the Paris Agreement implementation. The event provided an opportunity to exchange experiences on economic instruments and policies successfully applied in the regions.