Abstract
Objectives: The Naturally Optimised Revenue Demand in Communities (NORDIC) model was applied to improve the Swedish climate. When substantial changes in the atmosphere’s temperature occur, the profits can be reduced, creating a strong driving force for authorities to cope with climate change. A new and practical economic instrument was introduced to improve climate management, based on the NORDIC model. Methods: Constructed shadow costs were produced to be inserted into the public accounts. This procedure induced economic incentives to decrease the climate changes. The launched methodology considered the public awareness about climate change issues. This case study provided an example of how to improve the climate in the Swedish society by applying the NORDIC model. Results: The methodology could improve the climate and decrease its fluctuations by using economic instruments. The resulting shadow cost impacted the Public Sector Borrowing Requirement. An introduced key factor expressed, by one digit only, the success of the climate policy. Conclusions: The NORDIC model could improve the Swedish climate and its danger to health. Governments obtain a tool to monitor, manage and evaluate the atmosphere. End users include environmental authorities and politicians that want a climate policy tool. The NORDIC model is recommended to apply to climate issues and raise the public awareness about climate change. Further research focus on algorithms for certain climates and affected citizens.
Highlights
The main goal was to make the use of the Naturally Optimised Revenue Demand in Communities (NORDIC) model easier for environmental authorities and climate managers
This goal was accomplished by the successful adaptation of the NORDIC model to climate issues
The hypothesis of this work was that the climate could be improved by applying the NORDIC model
Summary
Volatile weather is a global problem with huge, economic conse-. Between 1999 and 2018, about 495,000 people died worldwide and losses of USD3.54 trillion (in purchasing power parities) were incurred as a direct result of more than 12,000 extreme weather events (Eckstein et al, 2019). Climate change mitigation consists of actions to limit the magnitude or rate of global warming and its related effects. Climate change mitigation generally involves reductions in anthropogenic emissions of greenhouse gases (GHGs). Mitigation may be achieved by increasing the capacity of carbon sinks, for example through reforestation (Climate Change Mitigation, 2020)
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