Climate change will affect every sector of the economy, both locally and globally—from the amount of energy used to heat and cool homes, to our ability to work and play outside, to the performance of entire economic sectors, from agriculture to tourism. Chinese policymakers, business owners and investors, community planners, and a range of other stakeholders need more information about the specific effects climate change will have on their work in order to plan and adapt. EPIC-China will work with them to quantifying these impacts and help inform their decision-making.
EPIC has made substantial progress in advancing knowledge of the economics of climate change. Director Michael Greenstone is a co-founder of the Climate Impact Lab, a collaboration of economists, climate scientists and computational experts working to advance understanding of the social and economic costs of climate change. Through this work, he and his colleagues are producing estimates of the physical (e.g., temperature, precipitation, inundation, and flooding/storm surges) and economic impacts of climate change at a highly localized level for the world. Using the most comprehensive climate and economic data sets ever compiled, they are estimating these impacts across seven categories: human health, agricultural production, energy demand, labor productivity, conflict, migration, and coastal damage due to sea level rise and more severe storms. EPIC-China and the Climate Impact Lab plan to produce this highly localized information for China.