August 27, 2009
The analysis argues the current estimate excludes the cost of adaptation for key sectors, including energy, manufacturing, retailing, mining, tourism and ecosystems, indicating that the real cost of adaption will be two to three times greater the $40-170 billion projection by the UNFCCC.
“The amount of money on the table at Copenhagen is one of the key factors that will determine whether we achieve a climate change agreement,” said Martin Parry, lead author of the report and a visiting research fellow at the Grantham Institute for Climate Change at Imperial College London. “But previous estimates of adaptation costs have substantially misjudged the scale of funds needed.”
|Great Barrier Reef in Australia|
The findings are an impetus to both reduce emissions that are driving climate change as well as improve adaptation cost estimates used during climate change negotiations.