emphasis was given to the analysis of the performance of aggregated indicators, and details were added and more carefully addressed in the models of the specific sectors analysed in the GER - where adding granularity was useful to provide insights on the impact of selected investments. Furthermore, future projections were compared with those from other organisations, as shown in section III of the Technical Background Material, including among others, the IEA, FAO, World Bank, UNIDO, United Nations Population Division, United Nations Statistics Divsion, and McKinsey & Company.
Finally, it is worth mentioning at the outset that the model has several limitations relative to the breadth of the GER. T21-World is a global model (with no regional or national disaggregation, and no explicit representation of trade) that focuses on medium- to longer term trends. In addition, T21-World includes only a limited amount of feedbacks linking GHG emissions to health and economic activity, and accounts for a limited number of natural resources (e.g. details on stock of non-fuel minerals are not included in the model). Further, the model does not quantify biodiversity and does not fully capture a number of important features of the labour market (while labour force, employment figures and income are calculated endogenously, disaggregated real wages by sector are not estimated and the quality of work, or “decent work”, could not be determined with confidence). Finally, the capital and financial markets are not specifically modelled, and T21-World uses a supply-side approach to production, although in many cases both demand and supply are calculated at the sectoral level.32 33
32. Other existing models used to support medium- to longer term planning exercises and analysis face similar issues, and often have very narrow boundaries compared to T21-World. OECD models employed to project scenarios presented in their environmental outlook do not explicitly account for the labour market and unemployment, and World Bank budgetary frameworks often do not single out capital and financial markets. Sectoral models - normally based on case studies - exist, but there is little agreement on the extent to which these relate to other sectors and dynamic projections of future trends are normally missing. More details on model specifications are provided in various sections of the Technical Background Material.
33. More information on T21, and several customizations and country applications can be found at www.millennium-institute.org. Selected publications include: Bassi (2010a, 2011), Bassi and Baer (2009), Bassi and Yudken, (2009, Forthcoming), Bassi and Shilling (2010), Bassi et al. (2009a, 2009b, 2010), Cimren et al. (2010), Magnoniand Bassi (2009), Yudken and Bassi (2009).