Assessment of the cost of inaction regarding climate change (KUITTI)

The KUITTI project conducts an assessment of the direct and induced cost of climate change induced risks for Finland for different levels of adaptation. The results of the project will help to better understand the most significant economic risks posed by climate change and the most effective measures to reduce these risks.

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Project description

The aim of the KUITTI project is to provide a well-founded assessment of the direct and induced cost of climate change induced risks for Finland for different levels of adaptation. The assessment will be based on existing literature and new calculations.

  • We will assess the direct and indirect costs for Finland caused by climate change in the short and long term. For this, we will use partial risk and costs assessment, and updated economic assessment and modelling methods.

  • We will also describe the economic impacts of severe weather phenomena that have taken place in Finland during the last decades. In this context, we will explain the meanings of the key concepts and terms as well as the challenges related to the measuring of damages and impacts and uncertainties.

The project consists of four phases:

  1. First, we will make an inventory of observed and estimated costs caused by extreme weather events and determine the impact chains and approximate risk levels of damages. We will also define the cost estimation methods to be used in the project.

  2. We will build sector-specific risk profiles separately for different scenarios.

  3. We will calculate the direct and indirect costs of climate change for different sectors but also for the national and to some extend for the regional level.

  4. Finally, we will look at the innovation potential of climate change adaptation and preparedness.

The results of the KUITTI project will help to better understand the most significant economic risks posed by climate change and to appraise the most effective measures to reduce these risks. The information generated by the project can be used in the strategic planning for adaptation to climate change, especially in prioritizing and timing cost-effective adaptation and preparedness policies.

Project information

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