Average temperatures could rise by 5c from preindustrial levels if. Grantham research institute on climate change and the. It represents the first of two volumes of the fourth national climate assessment, mandated by the global change research act of 1990. Adaptation to climate change, energy efficiency and the distribution of the costs of climate change across households and regions are not considered in any detail in the report, but will be addressed in the final report. In a highly influential report on climate change commissioned by the uk government, stern 11 uses a discounting rate of 1. The ipcc also produces special reports, which are an assessment on a specific issue and methodology reports, which provide practical guidelines for the preparation of greenhouse gas inventories. Nordhaus published 2007 economics how much and how fast should we react to the threat of global warming. Thus, it is very good news that a reputable mainstream economist, sir nicholas stern, has presented a detailed costbenefit analysis of climate change mitigation and adaptation to the british. Professor sir nicholas stern is adviser to the uk government on the economics of climate change and development and head of the government economic service. The costs of action are far less than the costs of inaction. In short, the main conclusion of the stern report is that we need to invest the equivalent of 2% of global gdp to mitigate the impact of climate change. Nordhaus received the nobel prize for economics in 2018 with paul romer for integrating climate change into longterm macroeconomic analysis.
Economic fluctuations and growth program, public economics program, environment and energy program how much and how fast should the globe reduce greenhousegas emissions. Full text of stern report economics of climate change see other formats. The apa task force on the interface between psychology and global climate change met in 200809 to examine the role of psychology in understanding and addressing global climate change, including efforts to adapt to and mitigate climate change. That is what dictates the structure of the economic analysis and policies. Climate change is the greatest market failure the world has ever seen. The ipcc prepares comprehensive assessment reports about knowledge on climate change, its causes, potential impacts and response options. There is a solid basis in the literature for the principles underlying our analysis. Longterm climate is a phenomenon not easily detected by personal experience, yet one that invites personal observation and evaluation. The economics of climate change 554 26 international support for adaptation key messages adaptation efforts in developing countries must be accelerated.
In preparing the new printing of my energy economics textbook, several widely publicized topics were deliberately omitted. Climate change our approach 2 economics, ethics and climate change key messages climate change is a result of the externality associated with greenhousegas emissions it entails costs that are not paid for by those who create the emissions. Jul 20, 2009 in preparing the new printing of my energy economics textbook, several widely publicized topics were deliberately omitted. Q4,q5 abstract how much and how fast should the globe reduce greenhousegas emissions. Geneva, 2 march the intergovernmental panel on climate change ipcc has opened the second order draft of the working march 2020. Adaptation is essential to manage the impacts of climate change that have already been locked into the climate system. Nov 02, 2006 thus, it is very good news that a reputable mainstream economist, sir nicholas stern, has presented a detailed costbenefit analysis of climate change mitigation and adaptation to the british. The economics of climate change vi summary of conclusions there is still time to avoid the worst impacts of climate change, if we take strong action now.
The economics of climate change 43 climatic conditions, cannot be substituted. In a study of the economics of climate change commissioned by the british government, released on 30 october, the former world bank chief economist sir nicholas stern presents a vigorously argued case for early curtailment of greenhouse gas emissions and proposes mitigation strategies that appear to offer highly favorable benefit. Humaninduced climate change is caused by the emissions of carbon dioxide and. How much and how fast should we react to the threat of global warming. On 28 october 2016, the esrc centre for climate change economics and policy and the grantham research institute on climate change and the environment will be holding an international meeting to mark the 10 th anniversary of the publication of the economics of climate change. Oct 30, 2006 the dangers all countries will be affected by climate change, but the poorest countries will suffer earliest and most. This apa climate change task force report considers psychologys contribution to climate change by addressing the following six questions. This report is an authoritative assessment of the science of climate change, with a focus on the united states. Stern 2007has been the catalyst of an enormous amount of discussion since its release in the fall of2006. Sir nicholas, now lord stern, was portrayed as an expert even though he had never published before on the economics of energy, environment or climate. The report is available in adobe acrobat portable docum.
This was to be expected since its lead author, sir nicholas stern, is not only a dis. Looking far out into the future, the report argues that if society were to put some muscle into solving this problem now, we. The economics of climate change the report also draws on the analysis prepared for the international energy agency publications energy technology perspectives and world energy outlook 2006. Grantham research institute on climate change and the environment public lecture growth and sustainability. Neither its conclusions nor the arguments on which they are based possess much merit. Nov 27, 2006 in a study of the economics of climate change commissioned by the british government, released on 30 october, the former world bank chief economist sir nicholas stern presents a vigorously argued case for early curtailment of greenhouse gas emissions and proposes mitigation strategies that appear to offer highly favorable benefit. It was commissioned by gordon brown, then uk chancellor of. How do people understand the risks imposed by climate change. Ten facts about the economics of climate change and climate. Impacts of climate change on the economy and society.
The world has to act now on climate change or face devastating economic consequences, according to a report compiled by sir nicholas stern for the uk government. On several occasions i heard this document mentioned when i was visiting professor at the asian institute of technology bangkok, which caused me to immediately make it clear that it was not. Impacts of climate change on the economy and society iberdrola. The commitment of article 2 of the united nations framework convention on climate change. Full text of stern reporteconomics of climate change see other formats. Oct 23, 2019 ten facts about the economics of climate change and climate policy a joint report from the hamilton project and the stanford institute for economic policy research. The economics of climate change introduction the economics of climate change is shaped by the science.
1476 1378 180 331 756 1401 1241 1319 1200 925 40 438 56 971 467 1003 566 78 738 986 197 1121 919 1391 1300 928 531 1555 534 353 1289 1592 1063 1023 1415 77 480 1087 160 921 578 124 1041 413 571 812 471 1453 1471 1119