Climate Risks, Economics and Finance: Insights from Complex Systems

  • Francesco LampertiEmail author
  • Irene Monasterolo
  • Andrea Roventini
Part of the Contemporary Systems Thinking book series (CST)


Climate change is posing daunting challenges to our societies. Such challenges are increasingly recognized by policymakers, practitioners and academics. Indeed, to limit the negative impact of human activities on the climate, 193 governments signed, in December 2015, the “Paris Agreement” aimed at stabilizing global temperature on 2 °C above pre-industrial levels. Meeting this goal requires massive private and public investments in low-carbon technological development, thus requiring a new role for the financial system and policymakers in the climate-finance nexus. Indeed, the financial system is expected to play a major role in shaping the speed, timing and pace of a sustainable transition by mobilizing capital. At the same time, policymakers ought to implement effective measures to foster new technologies and investments necessary to achieve a sustainable growth path. In addition, policymakers face the challenge to tackle the potential economic and financial risks associated to an uncoordinated low-carbon transition. In this chapter, we will employ a complexity perspective to study the risks, challenges and opportunities involved in the green transition, taking also into consideration the possible non-linearities, tipping points and path-dependency that characterize the co-evolution of climate, financial markets and economic dynamics.


  1. Ackerman, F. (2017). Worst-case economics – extreme events in climate and finance. London, New York: Anthem Press.Google Scholar
  2. Ackerman, F., & Stanton, E. (2012). Climate risks and carbon prices: Revising the social cost of carbon. The Open-Access, Open-Assessment E-Journal, 6.Google Scholar
  3. Ackerman, F., DeCanio, S. J., Howarth, R. B., & Sheeran, K. (2009). Limitations of integrated assessment models of climate change. Climatic Change, 95(3–4), 297–315. Scholar
  4. Ackerman, F., Stanton, E., Hope, C., & Alberth, S. (2014). Did the stern review underestimate US and global climate change? In F. Ackerman & E. Stanton (Eds.), Climate change and global equity (pp. 67–78). London: Anthem Press.Google Scholar
  5. Balint, T., Lamperti, F., Mandel, A., Napoletano, M., Roventini, A., & Sapio, A. (2017). Complexity and the economics of climate change: A survey and a look forward. Ecological Economics, 138, 252–265.CrossRefGoogle Scholar
  6. Bardoscia, M., Battiston, S., Caccioli, F., & Caldarelli, G. (2017). Pathways towards instability in financial networks. Nature Communications, 8, 14416.CrossRefGoogle Scholar
  7. Batten, S., Sowerbutts, R., Tanaka, M. (2016). Let’s talk about the weather: The impact of climate change on central banks (Staff Working Paper No. 603). Bank of England.Google Scholar
  8. Battiston, S., & Martinez-Jaramillo, S. (2018). Financial networks and stress testing: Challenges and new research avenues for systemic risk analysis and financial stability implications. Journal of Financial Stability, 35, 6–16.CrossRefGoogle Scholar
  9. Battiston, S., Farmer, J. D., Flache, A., Garlaschelli, D., Haldane, A. G., Heesterbeek, H., Hommes, C., Jaeger, C., May, R., & Scheffer, M. (2016a). Complexity theory and financial regulation. Science, 351(6275), 818–819.CrossRefGoogle Scholar
  10. Battiston, S., D’Errico, M., & Gurciullo, S. (2016b). DebtRank and the network of leverage. Journal of Alternative Investment, 18(4), 68–81.CrossRefGoogle Scholar
  11. Battiston, S., Caldarelli, G., May, R. M., Roukny, T., & Stiglitz, J. E. (2016c). The price of complexity in financial networks. Proceedings of the National Academy of Sciences, 113, 10031–10036.CrossRefGoogle Scholar
  12. Battiston, S., Mandel, A., Monasterolo, I., Schütze, F., & Visentin, G. (2017). A climate stress-test of the financial system. Nature Climate Change, 7(4), 283–288. Scholar
  13. BCBS. (2015). Making supervisory stress tests more macroprudential: Considering liquidity and solvency interactions and systemic risk. BCBS Working Paper 29, Basel Committee for Banking Supervision.Google Scholar
  14. Beckenbach, F., & Briegel, R. (2010). Multi-agent modeling of economic innovation dynamics and its implications for analyzing emission impacts. International Economics and Economic Policy, 7(2), 317–341.CrossRefGoogle Scholar
  15. Bierkandt, R., Wenz, L., Willner, S. N., & Levermann, A. (2014). Acclimate—A model for economic damage propagation. Part 1: Basic formulation of damage transfer within a global supply network and damage conserving dynamics. Environment Systems and Decisions, 34(4), 507–524.CrossRefGoogle Scholar
  16. Blanchard, O. (2018). On the future of macroeconomic models. Oxford Review of Economic Policy, 34(1–2), 43–54.CrossRefGoogle Scholar
  17. Bueno, R., Herzfeld, C., Stanton, E. A., & Ackerman, F. (2008). The Caribbean and climate change. Somerville, MA: Tufts University.Google Scholar
  18. Burke, M., Dykema, J., Lobell, D. B., Miguel, E., & Satyanath, S. (2015). Incorporating climate uncertainty into estimates of climate change impacts. The Review of Economics and Statistics, 97(2), 461–471.CrossRefGoogle Scholar
  19. Burke, M., Craxton, M., Kolstad, C. D., Onda, C., Allcott, H., Baker, E., Barrage, L., Carson, R., Gillingham, K., Graff-Zivin, J., & Greenstone, M. (2016). Opportunities for advances in climate change economics. Science, 352(6283), 292–293.CrossRefGoogle Scholar
  20. Campiglio, E. (2016). Beyond carbon pricing: The role of banking and monetary policy in financing the transition to a low-carbon economy. Ecological Economics, 121, 220–230.CrossRefGoogle Scholar
  21. Campiglio, E., Godin, A., & Kemp-Benedict, E. (2018). Networks of stranded assets in a low-carbon transition. AFD Research Paper.Google Scholar
  22. Carbon Tracker. (2018). Mind the gap: The $1.6 trillion energy transition risk. Report.Google Scholar
  23. Carleton, T. A., & Hsiang, S. M. (2016). Social and economic impacts of climate. Science, 353(6304), p.aad9837.CrossRefGoogle Scholar
  24. Carney, M. (2015). Breaking the tragedy of the horizon: Climate change and financial stability. Bank of England.Google Scholar
  25. Castrén, O., & Rancan, M. (2014). Macro-networks: An application to euro area financial accounts. Journal of Banking & Finance, 46, 43–58.CrossRefGoogle Scholar
  26. Chichilnisky, G. (2011). What is sustainability?. International Journal of Sustainable Economy, 3(2), 125–140.CrossRefGoogle Scholar
  27. Cimini, G., Squartini, T., Garlaschelli, D., Gabrielli, A., & Garlaschelli, D. (2015). Systemic risk analysis in reconstructed economic and financial networks. Scientific Reports, 5.Google Scholar
  28. CPI, 2017. Global landscape of climate finance 2017. Climate Policy Initiative.Google Scholar
  29. De Galhau, F. V. (2018). Green Finance – A New Frontier for the 21st Century. Speech.Google Scholar
  30. Diaz, D., & Moore, F. (2017). Quantifying the economic risks of climate change. Nature Climate Change, 7(11), 774.CrossRefGoogle Scholar
  31. Dietz, S., Bowen, A., Dixon, C., & Gradwell, P. (2016). “Climate value at risk” of global financial assets. Nature Climate Change, 6(7), 676–679. Scholar
  32. Dombret, A. (2018). Greener finance - better finance? How green should the financial world be? (speech delivered at the Bundesbank symposium “banking supervision in dialogue”). Frankfurt: Deutsche Bundesbank.Google Scholar
  33. Dosi, G., Fagiolo, G., & Roventini, A. (2010). Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles. Journal of Economic Dynamics and Control, 34(9), 1748–1767.CrossRefGoogle Scholar
  34. Dosi, G., Fagiolo, G., Napoletano, M., & Roventini, A. (2013). Income distribution, credit and fiscal policies in an agent-based Keynesian model. Journal of Economic Dynamics and Control, 37(8), 1598–1625.CrossRefGoogle Scholar
  35. Draghi, M. (2017). Response to a Letter of the Members of the European Parliament (L/MD/17/382).Google Scholar
  36. ESRB. (2016). Too late, too sudden: Transition to a low-carbon economy and systemic risk. Advisory Scientific Committee Report No. 6. European Systemic Risk Board, Frankfurt.Google Scholar
  37. Farmer, J. D., Hepburn, C., Mealy, P., & Teytelboym, A. (2015). A third wave in the economics of climate change. Environmental and Resource Economics, 62(2), 329–357.CrossRefGoogle Scholar
  38. Gerst, M. D., Wang, P., Roventini, A., Fagiolo, G., Dosi, G., Howarth, R. B., & Borsuk, M. E. (2013). Agent-based modeling of climate policy: An introduction to the ENGAGE multi-level model framework. Environmental Modelling & Software, 44, 62–75.CrossRefGoogle Scholar
  39. Gillingham, K., Nordhaus, W.D., Anthoff, D., Blanford, G., Bosetti, V., Christensen, P., McJeon, H., Reilly, J. and Sztorc, P. (2015). Modeling uncertainty in climate change: A multi-model comparison (No. w21637). National Bureau of Economic Research.Google Scholar
  40. Haas, A., & Jaeger, C. (2005). Agents, bayes, and climatic risks-a modular modelling approach. Advances in Geosciences, 4, 3–7.CrossRefGoogle Scholar
  41. Hallegatte, S. (2008). An adaptive regional input-output model and its application to the assessment of the economic cost of katrina. Risk Analysis, 28(3), 779–799.CrossRefGoogle Scholar
  42. Hallegatte, S. (2014). Modeling the role of inventories and heterogeneity in the assessment of the economic costs of natural disasters. Risk Analysis, 34(1), 152–167.CrossRefGoogle Scholar
  43. Hallegatte, S., & Rozenberg, J. (2017). Climate change through a poverty lens. Nature Climate Change, 7(4), 250.CrossRefGoogle Scholar
  44. Hallegatte, S., et al. (2015). Shock waves: Managing the impacts of climate change on poverty. Climate change and development. Washington, DC: The World Bank. Scholar
  45. Hansen, G., & Stone, D. (2016). Assessing the observed impact of anthropogenic climate change. Nature Climate Change, 6(5), 532.CrossRefGoogle Scholar
  46. Helbing, D. (2013). Globally networked risks and how to respond. Nature, 497(7447), 51–59.CrossRefGoogle Scholar
  47. Henriet, F., Hallegatte, S., & Tabourier, L. (2012). Firm-network characteristics and economic robustness to natural disasters. Journal of Economic Dynamics and Control, 36(1), 150–167.CrossRefGoogle Scholar
  48. High-Level Experts Group on Sustainable Finance (HLEG). (2017). Financing a sustainable European Economy. Interim Report.Google Scholar
  49. High-Level Expert Group on Sustainable Finance (HLEG). (2018). Sustainable European Economy. Report to the European Commission, 1–100.Google Scholar
  50. Hsiang, S., Kopp, R., Jina, A., Rising, J., Delgado, M., Mohan, S., Rasmussen, D. J., Muir-Wood, R., Wilson, P., Oppenheimer, M., & Larsen, K. (2017). Estimating economic damage from climate change in the United States. Science, 356(6345), 1362–1369.CrossRefGoogle Scholar
  51. IEA. (2017). Market report series: Renewables 2017. Analysis and Forecasts to 2022. Paris, 2017.Google Scholar
  52. IPCC. (2013). Summary for policymakers. In T. F. Stocker, D. Qin, G.-K. Plattner, M. M. B. Tignor, S. K. Allen, et al. (Eds.), Climate change 2013: The physical science basis. Contribution of working group I to the fifth assessment report of the intergovernmental panel on climate change. Cambridge, UK, and New York: Cambridge University Press. Scholar
  53. IPCC. (2014). Climate change working group III contribution to the IPCC fifth assessment report. In O. Edenhofer, R. Pichs-Madruga, Y. Sokona, E. Farahani, S. Kadner, K. Seyboth, A. Adler, I. Baum, S. Brunner, P. Eickemeier, et al. (Eds.), Climate change 2014: Mitigation of climate change. Cambridge (UK) and New York (US): Cambridge University Press.Google Scholar
  54. Isley, S., Lempert, R., Popper, S., & Vardavas, R. (2013). An evolutionary model of industry transformation and the political sustainability of emission control policies. Technical report, RAND Corporation - TR-1308-NSF.Google Scholar
  55. Lamperti, F., Dosi, G., Napoletano, M., Roventini, A., & Sapio, A. (2018a). Faraway, so close: Coupled climate and economic dynamics in an agent-based integrated assessment model. Ecological Economics, 150, 315–339.CrossRefGoogle Scholar
  56. Lamperti, F., Dosi, G., Napoletano, M., Roventini, A., & Sapio, A. (2018b). And then he wasn't a she: Climate change and green transitions in an agent-based integrated assessment model. LEM Working Papers.Google Scholar
  57. Lamperti, F., Mandel, A., Napoletano, M., Sapio, A., Roventini, A., Balint, T., & Khorenzhenko, I. (2018c). Towards agent-based integrated assessment models: Examples, challenges, and future developments. Regional Environmental Change, 1–16.Google Scholar
  58. Leaton, J. (2012). Unburnable carbon—Are the world’s financial markets carrying a carbon bubble. London: Carbon Tracker Initiative.Google Scholar
  59. Leaton J. (2013). Unburnable carbon: Wasted capital and stranded assets. Carbon Tracker Initiative & Grantham Research Institute on Climate Change and the Environment.Google Scholar
  60. Mandel, A. (2018). Complex networks and climate policy. Working paper.Google Scholar
  61. Mandel, A., Fürst, S., Lass, W., Meissner, F., & Jaeger, C. (2009). Lagom generiC: An agent-based model of growing economies. In European Climate Forum, Working Paper (Vol. 1, p. 2009).Google Scholar
  62. Mann, M. E. (2013). The hockey stick and the climate wars: Dispatches from the front lines. New York, NY: Columbia University Press.CrossRefGoogle Scholar
  63. Mann, M. E., Rahmstorf, S., Kornhuber, K., Steinman, B. A., Miller, S. K., & Coumou, D. (2017). Influence of anthropogenic climate change on planetary wave resonance and extreme weather events. Scientific Reports, 7, 45242.CrossRefGoogle Scholar
  64. Markose, S. M., Giansante, S., & Rais Shaghaghi, A. (2017). A systemic risk assessment of OTC derivatives reforms and skin-in-the-game for CCPs. Financial Stability Review, 21, 111–126.Google Scholar
  65. Mazzucato, M. (2015). The (green?) entrepreneurial state. In I. Scoones, M. Leach, & P. Newell (Eds.), The politics of green transformations. New York: Routledge.Google Scholar
  66. Mazzucato, M., & Penna, C. C. (2016). Beyond market failures: The market creating and shaping roles of state investment banks. Journal of Economic Policy Reform, 19(4), 305–326.CrossRefGoogle Scholar
  67. McGlade, C., & Ekins, P. (2015). The geographical distribution of fossil fuels unused when limiting global warming to 2C. Nature, 517, 187–190.CrossRefGoogle Scholar
  68. Meadows, D. H. (2008). Thinking in systems: A primer. White River Junction, VT: Chelsea Green Publishing.Google Scholar
  69. Mercure, J. F., Pollitt, H., Bassi, A. M., Viñuales, J. E., & Edwards, N. R. (2016). Modelling complex systems of heterogeneous agents to better design sustainability transitions policy. Global Environmental Change, 37, 102–115.CrossRefGoogle Scholar
  70. Metcalf, G. E., & Stock, J. H. (2017). Integrated assessment models and the social cost of carbon: A review and assessment of US experience. Review of Environmental Economics and Policy, 11(1), 80–99.CrossRefGoogle Scholar
  71. Monasterolo, I., & Raberto, M. (2018a). Is there a role for central banks in the low-carbon transition? A stock-flow consistent modelling approach. Working paper presented at the CEP-DNB Workshop on “Central Banking and Green Finance”, November 28–29, Amsterdam.Google Scholar
  72. Monasterolo, I., & Raberto, M. (2018b). The EIRIN flow-of-funds behavioural model of green fiscal policies and green sovereign bonds. Ecological Economics, 144, 228–243.CrossRefGoogle Scholar
  73. Monasterolo, I., Battiston, S., Janetos, A. C., & Zheng, Z. (2017). Vulnerable yet relevant: The two dimensions of climate-related financial disclosure. Climatic Change, 145(3–4), 495–507.CrossRefGoogle Scholar
  74. Monasterolo, I., Zheng, J. I., & Battiston, S. (2018). Climate transition risk and development finance: A climate stress-test of China’s overseas energy portfolios. Input to the G20 Task Force “An International Financial Architecture for Stability and Development”, Forthcoming on China and the World Economy Journal.Google Scholar
  75. Moss, S. (2000). Messy systems—The target for multi agent based simulation. In S. Moss & P. Davidsson (Eds.), Multi agent based simulation, LNCS series (Vol. 1979). New York: Springer.Google Scholar
  76. New Climate Economy. (2016). The sustainable infrastructure imperative: financing for better growth and development. London, UK.Google Scholar
  77. Nordhaus, W. D. (1992). An optimal transition path for controlling greenhouse gases. Science, 258(5086), 1315–1319.CrossRefGoogle Scholar
  78. Nordhaus, W. D. (2008). A question of balance: Economic modeling of global warming. New Haven: Yale University Press.Google Scholar
  79. Nordhaus, W. D., & Moffat, A. (2017). A survey of global impacts of climate change: Replication, survey methods, and a statistical analysis (No. w23646). National Bureau of Economic Research.Google Scholar
  80. Palley, T. (2016). Financialization: The economics of finance capital domination. Berlin, Heidelberg: Springer.Google Scholar
  81. Pfeiffer, A., Hepburn, C., Vogt-Schilb, A., & Caldecott, B. (2018). Committed emissions from existing and planned power plants and asset stranding required to meet the Paris agreement. Environmental Research Letters, 13(5), 054019.CrossRefGoogle Scholar
  82. Pindyck, R. (2013). Climate change policy: What do the models tell us? Journal of Economic Literature Retrieved from , 51, 860.CrossRefGoogle Scholar
  83. Pindyck, R. S. (2015). The use and misuse of models for climate policy. Working Paper 21097, National Bureau of Economic Research.Google Scholar
  84. Raberto, M., Ozel, B., Ponta, L., Teglio, A., & Cincotti, S. (2016). From financial instability to green finance: the role of banking and monetary policies in the Eurace model (No. 2016/07).Google Scholar
  85. Regelink, M., Reinders, H. J., Vleeschhouwer, M., & van de Wiel, I. (2017). Waterproof? An exploration of climaterelated risks for the Dutch financial sector. De Nederlandsche Bank.Google Scholar
  86. Revesz, R. L., Howard, P. H., Arrow, K., Goulder, L. H., Kopp, R. E., Livermore, M. A., Oppenheimer, M., & Sterner, T. (2014). Global warming: Improve economic models of climate change. Nature, 508(7495), 173–175.CrossRefGoogle Scholar
  87. Rezai, A., & Stagl, S. (2016). Ecological macroeconomics: Introduction and review. Ecological Economics, 121, 181–185.CrossRefGoogle Scholar
  88. Rhiney, K. (2015). Geographies of Caribbean vulnerability in a changing climate: Issues and trends. Geography Compass, 9(3), 97–114. Scholar
  89. Rogelj, J., Luderer, G., Pietzcker, R. C., Kriegler, E., Schaeffer, M., Krey, V., & Riahi, K. (2015). Energy system transformations for limiting end-of-century warming to below 1.5 C. Nature Climate Change, 5(6), 519.CrossRefGoogle Scholar
  90. Schiermeier, Q. (2018). Clear signs of global warming will hit poorer countries first. Nature, 556(7702), 415.CrossRefGoogle Scholar
  91. Schotten, G., van Ewijk, S., Regelink, M., Dicou, D., & Kakes, J., 2016. Time for Transition-an exploratory study of the transition to a carbon-neutral economy (Occasional Studies No. 14–2). Netherlands Central Bank.Google Scholar
  92. Signorini, L. F. (2017). The financial system, environment and climate: A regulator’s perspective (welcome address by the deputy governor of the Bank of Italy). Rome: Bank of Italy.Google Scholar
  93. Solomon, S., Qin, D., Manning, M., Chen, Z., Marquis, M., Averyt, K.B., Tignor, M. & Miller, H. L. (2007). IPCC, 2007: Climate change 2007: The physical science basis. Contribution of Working Group I to the fourth assessment report of the Intergovernmental Panel on Climate Change. S. D. Solomon (Ed.).Google Scholar
  94. Sterman, J. D. (2000). Business dynamics: Systems thinking and modeling for a complex world (No. HD30. 2 S7835 2000).Google Scholar
  95. Sterman, J. D., Fiddaman, T., Franck, T., Jones, A., McCauley, S., Rice, P., Sawin, E., & Siegel, L. (2013). Management flight simulators to support climate negotiations. Environmental Modelling & Software, 44, 122–135 Thematic Issue on Innovative Approaches to Global Change Modelling.CrossRefGoogle Scholar
  96. Stern, N. (2006). The stern review on the economic effects of climate change (Report to the British Government). HM Treasury–Retrieved from www. sternreview. org. uk.Google Scholar
  97. Stern, N. (2013). The structure of economic modeling of the potential impacts of climate change: Grafting gross underestimation of risk onto already narrow science models. Journal of Economic Literature, 51(3), 838–859.CrossRefGoogle Scholar
  98. Stern, N. (2016). Economics: Current climate models are grossly misleading. Nature News, 530(7591), 407.CrossRefGoogle Scholar
  99. Stiglitz, J. E. (2018). Where modern macroeconomics went wrong. Oxford Review of Economic Policy, 34(1–2), 70–106.Google Scholar
  100. Stoerk, T., Wagner, G., & Ward, R. E. (2018). Recommendations for improving the treatment of risk and uncertainty in economic estimates of climate impacts in the sixth intergovernmental panel on climate change assessment report. Review of Environmental Economics and Policy, 12(2), 371–376.CrossRefGoogle Scholar
  101. Stolbova, V., Monasterolo, I., & Battiston, S. (2018). A financial macro-network approach to climate policy evaluation. Ecological Economics, 149, 239–253.CrossRefGoogle Scholar
  102. TCFD. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. Task Force on Climate-related Financial Disclosures.Google Scholar
  103. Tol, R. S. (2009). The economic effects of climate change. Journal of Economic Perspectives, 23(2), 29–51.CrossRefGoogle Scholar
  104. UNEP-FI. (2018). Making waves: Aligning the financial system with sustainable development. Report.Google Scholar
  105. UNFCCC. (2016). Report of the Conference of the Parties on its twenty-first session, held in Paris from 30 November to 13 December 2015. Addendum. Part two: Action taken by the Conference of the Parties at its twenty-first session (No. FCCC/CP/2015/10/Add.1). United Nations Framework Convention on Climate Change, Paris.Google Scholar
  106. Vaks, A., Gutareva, O. S., Breitenbach, S. F., Avirmed, E., Mason, A. J., Thomas, A. L., et al. (2013). Speleothems reveal 500,000-year history of Siberian permafrost. Science, 340, 183–186. Scholar
  107. Villeroy de Galhau, F. (2015). Climate change: The financial sector and pathways to 2°C (speech by the governor of the Banque de France). Paris: Banque de France.Google Scholar
  108. Volz, U. (2017). On the role of central banks in enhancing green finance. UN Environment Inquiry/CIGI Research Convening, United Nations Environment Programme, 2017.Google Scholar
  109. Weitzman, M. L. (2009). On modeling and interpreting the economics of catastrophic climate change. The Review of Economics and Statistics, 91(1), 1–19.CrossRefGoogle Scholar
  110. Weitzman, M. L. (2012). GHG targets as insurance against catastrophic climate damages. Journal of Public Economic Theory, 14(2), 221–244.CrossRefGoogle Scholar
  111. Wenz, L., Willner, S. N., Bierkandt, R., & Levermann, A. (2014). Acclimate—A model for economic damage propagation. Part II: A dynamic formulation of the backward effects of disaster-induced production failures in the global supply network. Environment Systems and Decisions, 34(4), 525–539.CrossRefGoogle Scholar
  112. Wolf, S., Fürst, S., Mandel, A., Lass, W., Lincke, D., Pablo-Martí, F., & Jaeger, C. (2013). A multi-agent model of several economic regions. Environmental Modelling & Software, 44, 25–43.CrossRefGoogle Scholar
  113. Wuebbles, D. J., Fahey, D. W., Hibbard, K. A., DeAngelo, B., Doherty, S., Hayhoe, K., Horton, R., Kossin, J. P., Taylor, P. C., Waple, A. M., & Weaver, C. P. (2017). Executive summary. In D. J. Wuebbles, D. W. Fahey, K. A. Hibbard, D. J. Dokken, B. C. Stewart, & T. K. Maycock (Eds.), Climate science special report: Fourth National Climate Assessment, volume I (pp. 12–34). Washington, DC, USA: U.S. Global Change Research Program. Scholar

Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Francesco Lamperti
    • 1
    Email author
  • Irene Monasterolo
    • 2
  • Andrea Roventini
    • 1
  1. 1.Institute of EconomicsScuola Superiore Sant’AnnaPisaItaly
  2. 2.University of Economics and Business (WU)ViennaAustria

Personalised recommendations