The challenges we have to address are to take the outcomes from climate modelling and map them into our economic modelling. Similarly, the scenario analysis from climate models needs to be translated into the horizons of our economic models, taking account of price changes and how that affects decision-making. General equilibrium analysis also doesn't always take account of adjustment burdens and costs.
I see that as one lesson from the debate around trade liberalisation. Trade theory clearly acknowledges that there are winners and losers from trade but that the winners can compensate the losers. But it is clear from the current debate that, in practice, the compensation generally has not occurred.