Climate Change Adaptation

This lecture discusses the importance of adaptation in combating the adverse effects of climate change, focusing on the AD-DICE model that explicitly includes adaptation in an Integrated Assessment Model. The lecture covers the trade-offs between adaptation and mitigation, the interactions between them, and the separability of adaptation and mitigation decisions. It also explores the costs of adaptation, the components of climate change costs, and the limitations of representing adaptation in models like DICE. The instructor presents numerical results showing the power of adaptation and the need for further research on adaptation strategies.