Dr Nicholas Stern was formerly the World Bank¿s chief economist, so he has huge experience of faulty forecasts. His 2006 review has become the most influential global warming report, embraced by the Blair and Brown governments. He appeared to bring hard¿sounding economic calculations into the world of scientific predictions and guesses. <BR/>Yet his report is now wholly discredited. Dr. Richard Tol, Principal Researcher at the Institute for Environmental Studies at Vrije Universiteit, and Adjunct Professor at the Center for Integrated Study of the Human Dimensions of Global Change, at Carnegie Mellon University, called it `preposterous¿.<BR/>Crucially, Stern estimated the cost of additional carbon emissions as $29 a ton, as against Tol¿s conclusion that the costs were `likely to be substantially smaller¿ than $14 a ton. Tol said, ¿In sum, the Stern Review is very selective in the studies it quotes on the impacts of climate change. The selection bias is not random, but emphasises the most pessimistic studies ... Results are occasionally misinterpreted. The report claims that a cost-benefit analysis was done, but none was carried out. The Stern Review can therefore be dismissed as alarmist and incompetent.¿
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Overview
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.
Editorial Reviews
From the Publisher
"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
"...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
"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
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Meet the Author
Sir Nicholas Stern is Adviser to the UK Government on the Economics of Climate Change and Development, reporting to the Prime Minister. As well as being Head of the Stern Review on the Economics of Climate Change, he is Head of the Government Economic Service, and previously Second Permanent Secretary to Her Majesty's Treasury and Director of Policy and Research for the Prime Minister's Commission for Africa. He is also a former Chief Economist for the World Bank and Special Counsellor to the President of the European Bank for Reconstruction and Development. His research and publications have focused on economic development and growth, economic theory, tax reform, public policy and the role of the state and economies in transition. He is a Fellow of the British Academy and a Foreign Honorary Member of the American Academy of Arts and Sciences. His most recent book is Growth and Empowerment: Making Development Happen (MIT Press, 2005).
Table of 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.