Several climate policy measures are taken in order to reduce greenhouse gas emissions (mitigation) and to protect ourselves against its consequences (adaptation). This research project analyses the costs and benefits of such measures in a welfare economic framework. These benefits and costs can be monetary (e.g. subsidies, adaptation and mitigation costs) and non monetary (e.g. impact on life expectancy, risk aversion), and can accrue to current and to future generations. In the project, different measures are compared using a Marginal Value of Public Funds (MVPF) approach, providing information on the benefits of government expenditures in the economy and can inform policymakers about which measures to take from a cost-benefit perspective. More specifically tjhe benefit perspective requires a social welfare function spanning several decades, as many of the the consequences of policy measures today will only appear in the future.