Yonsei University Climate Finance Institute Partners with MIT for Climate and the Economy Project

The Yonsei University Climate Finance Institute (YUCFI) has signed an MOU with the MIT Joint Program on the Science and Policy of Global Change (JPSPGC). Together, they will form the Yonsei-MIT Climate and the Economy Joint Project. For the project, researchers from MIT and Yonsei will collaborate on issues related to emissions trading systems, practical greenhouse gas emission reduction capability assessment, and technological development in green industries. In doing so, they will make use of MIT’s Economic Projections and Policy Analysis (EPPA) model.

The partnership promises to yield more accurate analysis of the impact of Korea’s environmental, green economy, sustainable management, and greenhouse gas emissions reduction policies on economic growth, industry, trade, and the environment. For instance, using MIT’s model, researchers will be able to calculate the influence of yellow dust from China on the Korean economy and the health of its citizens.

The mission of MIT’s JPSPGC is to provide solutions for confronting the social, economic, and health challenges presented by climate change. At the center of its work is the Integrated Global System Model, which draws upon the knowledge of MIT’s science, engineering, economics, and energy experts to estimate the likelihood of different changes and demonstrate the potential costs and benefits of specific policies. The knowledge gained from this model, in turn, is intended to help shape the international dialogue regarding a global response to climate change.

Heading the Yonsei-MIT Joint Project are Professor Baek Gwang-yeol, director of YUCFI, and Professor Niven Winchester of MIT’s JPSPGC.