This workshop will report the current results of the ongoing EU Horizon 2020 project MEDEAS. The project aims at modeling the global and European economy as a function of the availability of natural resources, climate change and policy choices that have been made and will be made in the future. It is focalized in particular on the effort needed to keep Europe on track of the decarbonization process necessary to attain the objectives of the Paris agreement. The project makes use of advanced modeling techniques, mainly based on system dynamics and it aims at producing a flexible tool designed to help policymakers taking appropriate decisions. The model will be able to project into the future the results of policy choices made at present; such as levying taxes on carbon burning or promoting renewable energy. Unlike previous models of the same kind, we aim at including the effects of market and economic factors in the model.
The project is also examining specific subsectors of the industrial ecosystem, aiming at producing snapshots of the foreseeable future of local European economies, just as of specific economic subsectors, such as fossil fuels or fisheries.
The project is ongoing and the complete model is being assembled. However, the available results already indicate that for the European economy, remaining within the boundaries agreed in Paris, a major effort will be required in terms of improved efficiency, growth of renewable energy and emission abatement. In the workshop, results relative to these fields will be reported and discussed.