Economic Impact Assessment of Climate Change- a Multi-gas Investigation with Wiagem-icm

Climate change is a long-term issue due to the long lifespan of greenhouse gases and the delayed response of the climate system. This paper investigates the long-term economic consequences of both climate change impacts and mitigation efforts by applying the multiregional, multi-sectoral integrated assessment model WIAGEM based on GTAP-E –L coupled with the reduced-form multi-gas climate model ICM. We investigate emissions reductions targets to reach a radiative forcing target of 4.5 w /m^2. Economic impacts are studied and compared with and without the inclusion of all GHG gases. We find that multigas emissions reduction causes less economic losses compared to a case where only CO2 emissions reductions would be considered.