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189 NAZCA stands for Nonstate Actor Zone for Climate Action. NAZCA: Accelerating Climate Action, at climateaction.unfccc.int (the last visit was on March 15, 2016). To this end, we incorporate BHM estimates into one of the largest IAms14,15,16, DICE-201316. Thanks to its simplicity, DICE allows a scientifically very transparent and controlled assessment of the optimal cost-benefit. According to the original version, which was also used to advise U.S. climate policy17,18,19, achieving the 2oC target would result in damage reduction costs significantly greater than the resulting avoided damage16,20,21. This is largely due to a harm function that does not provide recent estimates of economic impact13,22,23. Here, we update this feature according to BHM8 estimates. As DICE seeks the path of economic growth that maximizes global well-being, growth estimates cannot be implemented directly.

To solve this problem, we are developing a new process that preserves the functionality of growth model. We adapt the damage function iteratively to replicate the growth ratio estimated in DICE-2013. To be consistent with BHM`s estimates, we design a scenario that mimics a future world where key conditions are similar to those of the past, i.e. the absence of climate policy. First, should future CNN include information on providing financial support, capacity building and technology transfer? It can be argued that climate finance, technology transfer and capacity building reinforce global ambitions to combat climate change and thus achieve the UNFCCC`s goal (Pickering et al. 2015); Rai et al. 2015). However, developed countries have long believed that NDCs should not provide information on the provision of financial resources (IISD, 2014, 2018) and climate change guidelines adopted in Katowice, Poland in 2018 do not require funding for this purpose (UNFCCC, 2018). It can even be argued that there are other reporting formats for communicating on the provision of aid, including the new ex ante communication on climate finance, introduced in Article 9.5 of the Paris Agreement and the biennial transparency reports (the first of which is expected by the end of 2024) in accordance with Article 9.7 and Article 13.10. Although ex ante information probably serves a similar function to the one we are proposing here, the ex post information provided under the Paris Agreement`s transparency framework serves another purpose, namely to show whether donor countries are providing the support they have promised.

In addition, it may be important for developing countries that, if they plan to increase their own ambitions at about the same time as developing countries, they receive significant assurances that they will support their NDCs. Finally, the inclusion of information on the granting of aid for 5 years – not every two years – probably reinforces the medium-term predictability of funding. IPCC (2013) Climate change 2013: The physical science base. Working Group I`s contribution to the intergovernmental body`s fifth assessment report on climate change. Cambridge University Press, Cambridge, United Kingdom and New York, USA The IAM used for this analysis is DICE16.20, which fully combines a simple climate model with a Ramsey model of the global economy. DICE describes the interaction between climate change and optimal economic choices to allocate available revenue to consumption, investment and climate change efforts. While consumption increases well-being to be maximized as the goal of the model, investments in productive capital ensure future incomes.