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overall abatement levels now set by the climate goal, but the choice and timing of investments in individual Chicago cubs and hibiscus flower all over print hawaiian shirt measures to reach these levels. IEA-ETP analysed the relative importance of various technology measures toward the reduction of energy and CO emissions in the buildings sector. The largest energy savings

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expansion, glaciers and ice sheets, and thus sea level, has improved since the AR, but significant challenges remain in representing the dynamics of the Greenland and Antarctic ice sheets. This, together with advances in scientific understanding and capability, has resulted in improved sea level projections in this report, compared with the AR. Climate models are mathematical representations of processes important in the Earth’s climate system. Results from a hierarchy of climate models are considered in this report; ranging from simple idealized Chicago cubs and hibiscus flower all over print hawaiian shirt models, to models of intermediate complexity, to comprehensive General Circulation Models , including Earth System Models that also simulate the carbon cycle. The GCMs simulate many climate aspects, including the temperature of the atmosphere and the oceans, precipitation, winds, clouds, ocean currents, and sea-ice extent. The models are extensively tested against historical observations Box .. Studies indicate that a major shift in investment patterns is required to limit global warming to .. This assessment would benefit from a more explicit representation and understanding of the financial sector within the modelling approaches. Assumptions in modelling studies imply low-to-zero transaction costs for market agents and that regulatory oversight mechanisms and fiduciary duty need to be highly robust to guarantee s and credible financial markets in the long term.

This area can be subject to high uncertainty, however. The heterogeneity of actors , banks, insurance companies, asset managers, or credit rating agencies and financial products also needs to be taken into account, as does the mobilization of capital and financial flows between countries and regions .. The CEA- and CBA-based carbon cost estimates are derived with a different set of tools. They are all summarised as integrated assessment models but in fact are of very different nature ., include a process-based representation of energy and land systems, but in most cases lack a comprehensive representation of climate damages, and are typically used for CEA. Diagnostic analyses across CBA-IAMs indicate important dissimilarities in modelling assembly, implementation issues and behaviour , parametric uncertainty, damage responses, income sensitivity that need to be recognized to better understand SCC estimates Rose , a. Although CBA-based and CEA-based assessment are both subject to large uncertainty about socio-techno-economic trends, policy developments and climate response, the range of estimates for the SCC along an optimal trajectory determined by CBA is far wider than for estimates of the shadow price of carbon in CEA-based approaches. In CB the value judgments about inter- and intra-generational equity combined with uncertainties in the climate damage functions assumed, including their empirical basis, are important Pindyck, Stern, Revesz . In a CEA-based approach, the value judgments about the aggregate welfare function matter less, and uncertainty about climate response and impacts can be tied into various climate targets and related emissions budgets Clarke . In CE the marginal abatement cost of carbon is determined by the climate goal under consideration. It equals the shadow price of carbon associated with the goal which in turn can be interpreted as the willingness to pay for imposing the goal as a political constraint. Emissions prices are usually expressed in carbon prices using the GWP- metric as the exchange rate for pricing emissions of non-CO GHGs controlled under internationally climate agreements like CH, NO and fluorinated gases, see Cross- Box in . Since policy goals like the goals of limiting warming to . or well below do not directly result from a money metric trade-off between mitigation and damages, associated shadow prices can differ from the SCC in a CBA. In CE value judgments are to a large extent concentrated in the choice of climate goal and related implications, while more explicit assumptions about social values are required to perform CBA. For example, in CEA assumptions about the social discount rate no longer affect the

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