CHAPTER 4: VALUING THE LOSS AND DAMAGE FROM CLIMATE CHANGE: A REVIEW OF SOME CURRENT ISSUES

Abstract

From an economic perspective, damage and loss valuation aims first at justifying climate change mitigation efforts. But the difficulties related to the heteroge-neity of the damage and the time horizon of the impacts make the results very contingent of the computation hypotheses. The debate thus focused on the social cost of carbon, driven by the idea of basing climate change policies on emission pricing. But damage assessment could also be used as a basis for compensating victims. Although the idea of climate justice is struggling to establish the basis for this compensation, international negotiations have begun to lay the groundwork for it through the Warsaw Mechanism, which remains however far from this goal