Climate change: What do we do about it? Economic issues regarding agricultural adaptation and mitigation

Abstract

Climate change will undoubtedly affect many aspects of the agricultural sector as a driver of impacts, as a force stimulating adaptation to limit or exploit climate change impacts, and as a focal point for mitigation opportunities to reduce its extent. Sectoral participants will react by undertaking a variety of adaptation and mitigation actions. Adaptation is largely inevitable but may require public action to either provide public goods or support private adaptation. Agriculture will also play an important role in mitigating climate change, as in cases it can provide low-cost net greenhouse gas reductions. This paper will discuss the economic and physical characteristics of adaptation and mitigation actions that can be taken in the agricultural sector plus introduce some analysis results and possible directions. Clearly, across these areas, economists will find rich areas for economic inquiry.