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  • Author or Editor: Elisa Sainz de Murieta x
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Ibon Galarraga, Elisa Sainz de Murieta and Joan França

Chapter 8 discusses how national climate legislation is complemented by action at the regional, state and municipal level. The importance of sub-national actors is increasingly recognized in the international negotiations, and the Paris Agreement includes an explicit requirement to integrate climate policies across all levels of government. Responsibility for the implementation of national policies in key areas such as energy, transport and the environment is often devolved to the sub-national level. This gives cities and regions a formal role in national efforts to reduce emissions. Sub-national actors are also central to climate resilience. Adaptation to climate change is very context-specific and requires the close involvement of local stakeholders. The chapter documents how sub-national governments are often taking the lead in climate policy, assuming commitments that can exceed those made at national level. However, the coexistence of regional and national climate policies can create coordination problems and a high degree of collaboration among all levels of governance is essential.

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Luis M. Abadie, Elisa Sainz de Murieta, Ibon Galarraga and Anil Markandya

This chapter presents a stochastic diffusion model to model sea-level rise (SLR) in a novel, non-deterministic way. The use of this model allows us to estimate two risk measures, VAR and ES that, while relatively well-known in financial economics and very suitable measures to analyse SLR, have not been used sufficiently to address issues such as climate impacts. The VAR measure will enable understanding the threshold of average damages that leads to the worst 5% of the cases. The ES instead shows what the average damage will be for those 5% worst cases. Dealing with these low probability but very large impacts is a relevant issue in climate change economics. We illustrate the methodology by assessing the risk of SLR in 19 major European coastal cities and show that, when uncertainty is present, VAR and ES measures are better guides for policy than usual average values.