Climate Change Economics

The future cost associated with extreme climate change is fast becoming a topic that policy makers and sectors can no longer ignore. Real change cannot be effected without governments, businesses and individuals working towards a shared goal. In this pathway, Amit Kara explores the economic identities that model the impact of anthropogenic emissions on the earth, as well as exploring why climate change is an example of market failure. He also explains macroeconomic projections from integrated assessment models and explains the risk management strategies and climate stress tests conducted by central banks.

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8 video modules • 1 hour 39 minutes

  • The Physical Risks of Climate Change

    In this video, Amit explores the impact of the physical damage of climate change on the macroeconomic economy and stresses the importance of intervening with the correct policy response. Without this, the impact of climate change will spread and intensify.

    Amit Kara12:30

  • Climate Policy Intervention

    In this video, Amit Kara talks about the need for government intervention to tackle the climate change crisis. He explains about market failure, externalities and the case for governments to intervene through Pigouvian taxes such as carbon tax and new regulation.

    Amit Kara12:01

  • Modelling the Path to Net Zero

    In the previous videos, Amit Kara explained how human behaviour is directly responsible for climate change and the need for government intervention to tackle the climate crisis. In this video he quantifies the link between human activity and emissions by building a simple scenario model known as Kaya identity.

    Amit Kara13:28

  • Carbon Tax and Regulation

    In this video on the macroeconomics of climate change, Amit Kara touches on the different types of interventions that the government can introduce. The key focus of this video is government policy and understanding how these decisions could be crucial in limiting global warming.

    Amit Kara13:36

  • Integrated Assessment Models I

    In the fifth video of this series on the Macroeconomics of Climate Change, Amit focuses on models that are used to assess the economic impact of climate change. The class of models he discusses is this video are Integrated Assessment Models or IAMs. Amit outlines why IAMs are the most widely used models among social scientists specialising in climate-related issues. 

    Amit Kara11:09

  • Integrated assessment models II

    In the sixth video of this series on the Macroeconomics of Climate Change, Amit outlines why IAMs have been and will remain the workhorse models for climate economics and policy analysis. In this video, Amit continues the discussion around IAMs and completes the model circle. He also discusses how these models can be used to justify climate action.

    Amit Kara06:44

  • Central Banks and Climate Risk Management

    In this video, Amit discusses climate change and the role that central banks can play in helping navigate the economy towards net zero. Amit makes a compelling case for why climate change risk management should be included in the mandate for every central bank. 

    Amit Kara12:35

  • Central Bank Climate Stress Tests

    In the final video of his series, Amit Kara outlines the scope and objectives of a climate stress test exercise. He then summarises the climate scenarios that have been used by these central banks for their climate stress test exercises.

    Amit Kara17:42

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