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The Economics of Climate Change
By
Nicholas Stern
Description
There is now clear
scientific evidence that emissions from economic activity,
particularly the burning of fossil fuels for energy, are causing
changes to the Earth´s climate. A sound understanding of the
economics of climate change is needed in order to underpin an
effective global response to this challenge. The Stern Review is an
independent, rigourous and comprehensive analysis of the economic
aspects of this crucial issue. It has been conducted by Sir Nicholas
Stern, Head of the UK Government Economic Service, and a former Chief
Economist of the World Bank. The Economics of Climate Change will be
invaluable for all students of the economics and policy implications
of climate change, and economists, scientists and policy makers
involved in all aspects of climate change.
• A
state-of-the-art independent review of the economics of climate
change • Written by an international respected and well-known
author • Contains full colour illustrations throughout
Contents
1. Climate change:
our approach; 2. Impacts of climate change on growth and development;
3. The economics of stabilisation; 4. Policy responses for
mitigation; 5. Policy responses for adaptation; 6. International
collective action.
Reviews
\\\'The Stern Review
shows us, with utmost clarity, while allowing fully for all the
uncertainties, what global warming is going to mean; and what can and
should be done to reduce it. It provides numbers for the economic
impact, and for the necessary economic policies. It deserves the
widest circulation. I wish it the greatest possible impact.
Governments have a clear and immediate duty to accept the challenge
it represents.\\\' James Mirrlees, recipient of the Nobel Prize for
Economics, 1996
\\\'The stark
prospects of climate change and its mounting economic and human costs
are clearly brought out in this searching investigation. What is
particularly striking is the identification of ways and means of
sharply minimizing these penalties through acting right now, rather
than waiting for our lives to be overrun by rapidly advancing
adversities. The world would be foolish to neglect this strong but
strictly time-bound practical message.\\\' Amartya Sen, recipient of the
Nobel Prize for Economics, 1998
\\\'The Stern Review
of The Economics of Climate Change provides the most thorough and
rigorous analysis to date of the costs and risks of climate change,
and the costs and risks of reducing emissions. It makes clear that
the question is not whether we can afford to act, but whether we can
afford not to act. … And it provides a comprehensive
agenda-one which is economically and politically feasible-behind
which the entire world can unite in addressing this most important
threat to our future well being.\\\' Joseph Stiglitz, recipient of the
Nobel Prize for Economics, 2001
\\\' … the
world is waiting for a calm, reasonable, carefully argued approach to
climate change: Nick Stern and his team have produced one.\\\' Robert M.
Solow , recipient of the Nobel Prize for Economics, 1987
\\\'I very much
welcome The Stern Review, which provides a much needed critical
economic analysis of the issues associated with climate change …
\\\' Paul Wolfowitz, President of the World Bank
\\\'The Stern Review
of The Economics of Climate Change is a vital step forward in
securing an effective global policy on climate change. Led by one of
the world\\\'s top economists, the Stern Review shows convincingly that
the benefits of early global action to mitigate climate change will
be far lower than the costs. The report establishes realistic
guidelines for action … . The Stern Review will play an
important role in helping the world to agree on a sensible post-Kyoto
policy.\\\' Professor Jeffrey D. Sachs, Director of the Earth Institute
at Columbia University and Special Advisor to UN Secretary General
\\\'The Economics of
Climate Change sends a very important and timely message: that the
benefits of strong, early action on climate change outweigh the
costs. … Congratulations to Sir Nick Stern and his team for
producing a landmark review which I have no doubt will strengthen the
political will to change of governments around the world.\\\' Claude
Mandil, Executive Director of the International Energy Agency
\\\'The scientific
evidence of global warming is overwhelming but some commentators and
lobby groups have continued to oppose offsetting actions on economic
and competitiveness grounds. This comprehensive and authoritative
report demolishes their arguments, explaining clearly the complex
economics of climate change. It makes plain that we can cut emissions
radically at a cost to the economy far less than the economic and
human welfare costs which climate change could impose.\\\' Adair Turner,
Former Director of UK Confederation of British Industry and Economic
Advisor to the Sustainable Development Commission
\\\'When the history
of the world\\\'s response to climate change is written, the Stern
Review will be recognized as a turning point. … Sir Nicholas
and his team have provided important intellectual leadership as
humanity engages with its greatest challenge. … While the
details will be debated, the main thrust of the report is clear and
compelling - the expected benefits of tackling climate change far
outweigh the expected costs.\\\' Cameron Hepburn, Elizabeth Wordsworth
Junior Research Fellow in Economics, Oxford University
\\\'Pay now to fix
global warming or risk a worldwide economic depression later …
The [Stern] report moves economic discussion of how humanity should
deal with global warming to center stage …\\\' USA Today
\\\'The overwhelming
message of … [the] Stern review on the economics of climate
change is that it is now time to move on from arguing about
statistics to taking drastic action at an international level. …
Even if Stern is only half right then … the consequence of
doing nothing is still so dreadful that it ought not to be
contemplated.\\\' The Guardian
\\\'[The report\\\'s]
basic point seems unassailable: failure to act now will exact much
greater penalties later on … If people and industries are made
to pay heavily for the privilege, they will inevitably be driven to
develop cleaner fuels, cars and factories… \\\' The New York
Times ‘The Stern Review is an independent, rigorous and
comprehensive analysis of the economic aspects of this crucial issue
… This book will be invaluable for people everywhere who are
interested in saving the planet…’ Building Engineer
\\\'The Stern review
makes two invaluable contributions. The first is that it recasts
environmentalism as economics … Stern\\\'s second serious
contribution is to provide a formula for durable environmentalism,
one which binds business and government.\\\' The Times
\\\'The [Stern]
report argues that environmentalism and economic growth can go hand
in hand in the battle against global warming … The report by
Sir Nicholas Stern, a senior government economist, represents a huge
contrast to the U.S. government\\\'s wait-and-see policies.\\\' Chicago
Tribune
\\\' … a
comprehensive overview of the threat posed by climate change - and
how we should respond to it. … Sir Nicholas Stern spells out a
bleak vision of a future gripped by violent storms, rising
sea-levels, crippling droughts and economic chaos unless urgent
action is taken to tackle global warming. …a heavyweight
review… Sir Nicholas Stern\\\'s review of the economic impact of
global warming is a watershed. The former World Bank chief economist
has put a price-tag on saving the planet. … Sir Nicholas is a
sober and respected economist, which makes his findings all the more
chilling.\\\' The Daily Telegraph \\\'Future generations may come to regard
the apocalyptic report by Sir Nicholas Stern … as the turning
point in combating global warming, or as the missed opportunity. …
what Sir Nicholas Stern has done with his report on the economics of
climate change is remarkable; he has ripped up the last excuse for
inaction. … one wouldn\\\'t want to exaggerate, but it does feel
like one of those moments
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