Climate Damage Functions for South Korea

Key Points

• This research aims to estimate the climate damage functions specific to South Korea based on sectoral economic impacts.
• Applied data from the Korea Environment Institute on climate change damage costs.
• Estimated damage functions across 10 sectors including health, agriculture, and energy.
• Developed a total damage function that is linear regarding temperature increase.
• Utilized the FUND model for integrated climate-economic evaluations.
• Estimated damage of 0.5-0.9% of GDP for each 1°C increase in temperature.
• Projected long-term damage costs for South Korea are 2-3 times higher than global averages.
• Derived functions are valuable for policy-making in carbon reduction and climate adaptation.

Abstract