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Climate Change Impacts Study Committee

The interdisciplinary Climate Change Impacts Study Committee (CCISC) was set up in March 2009 by the Bank of Greece, with the aim of studying the economic, social and environmental impacts of climate change in Greece.
After 26 months of research, the Committee completed the first phase of its works and in June 2011 published the report "The Environmental, Economic and Social Impacts of Climate Change in Greece" which assessed the cost of climate change for the Greek economy, the cost of inaction to climate change and the cost of adaptation measures in the context of EU climate change mitigation policies.
The second CCISC report entitled “Greek Tourism and Climate Change: Adaptation Policy and a New Growth Strategy" was published in October 2014. It explores how the country’s tourism product is affected by a changing climate and presents the appropriate strategy and action framework for addressing the adverse impacts of climate change, placing special attention on growth policy and the challenges facing Greek tourism, especially on the islands.
In the present phase, the CCISC, under a memorandum of cooperation signed with the Greek Ministry of Environment and Energy and the Academy of Athens, has finalised a first draft of Greece’s National Climate Change Adaptation Strategy (NCCAS) and is currently developing a proposal specifying its implementation.

      The Economics of Climate Change      

      The present volume provides a comprehensive, state-of-the-art review of the economics of climate change, focusing on the design of economic policy aimed at controlling the climate externality. It begins by presenting approaches to modeling climate change, the ways in which the climate and the economy are modeled as a coupled system, and a literature review of the emerging area of environmental macroeconomics. There follows an overview of mitigation-related climate change policies, such as proposals for carbon taxes and cap-and-trade policies, along with an analysis of the economics of private and public adaptation which includes both adaptation policies and adaptation finance. It also sets the foundations for addressing the role of monetary policy under conditions of global warming and exploring the link between monetary policy and climate change.

      National Climate Change Adaptation Strategy (NCCAS)

      Under the memorandum of understanding signed in December 2014 by the Ministry of Environment, Energy and Climate Change, the Biomedical Research Foundation of the Academy of Athens and the Bank of Greece, with the aim to address the impact of climate change at country level and add on the experience of CCISC on economic and other impacts of climate change, the draft text of the National Climate Change Adaptation Strategy (NCCAS) has been submitted in December 2015 to the Ministry of Environment, Energy and Climate Change and put up for public consultation. See more


      Greek tourism and climate change: adaptation policies and a new growth strategy
      (Summary parts of the report – full report soon to be published in English)

      The environmental, economic and social impacts of climate change in Greece

      Presentation by the Bank of Greece of the report “The Environmental, Economic and Social Impacts of Climate Change in Greece”, 1st June 2011

      Press Conference on the climate change initiatives of the Bank of Greece, 16th June 2009

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      Excerpts from the Governor's Annual Reports