The economic effects of climate change on Budapest

Érfalvy, Áron and Golenyák, Virág and Kutasi, Gábor and Torda, Sztella (2023) The economic effects of climate change on Budapest. COGNITIVE SUSTAINABILITY, 2 (1). pp. 28-43. ISSN 2939-5240

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Abstract

Cities – the engines of the world economy – are on the front line of climate change. As a major city, Budapest is threatened by many of these risks, especially in connection with transport, the construction industry and improving the standard of living. The study investigates the possible challenges and policy solutions related to climate change in Budapest. By reviewing the experiences of the economic effects of climate change on big cities and their practices to mitigate, nevertheless, by mapping the climate-related status of the Hungarian Capitol, the analysis creates the opportunity for recommendations. The review resulted in a projection of global warming effects on the metropolitan economies. Besides, a collection of best practices was composed about the actions made by cities to mitigate these effects. The results created the opportunity to conclude the needful actions in Budapest to prepare its construction industry, transportation system, waste management and labour market for adaptation by financial, R&D and long-term planning solutions.

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