The Economics of Climate Change

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On 19 July 2005 the Chancellor announced a major review of the economics of climate change, to understand more comprehensively the nature of the economic challenges and how they can be met, in the UK and globally.

The Stern Review is an independent, rigorous and comprehensive analysis of the economic aspects of this crucial issue, reporting to the Prime Minister and Chancellor. It has been conducted by Sir Nicholas Stern, Head of the UK Government Economic Service, and a former Chief Economist of the World Bank. This book 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.

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.

The first half of the Review focuses on the impacts and risks arising from uncontrolled climate change, and on the costs and opportunities associated with action to tackle it. A sound understanding of the economics of risk is critical here. The Review emphasises that economic models over timescales of centuries do not offer precise forecasts - but they are an important way to illustrate the scale of effects we might see.

The second half of the Review examines the national and international policy challenges of moving to a low-carbon global economy.

Reviews:
"...what separates the review from nearly 1,000 peer-reviewed scientific articles, none of which cast any doubt on the basic hypothesis, is partly that it appeals to self-interest (possible economic collapse and millions of migrants escaping to the west) and partly because global awareness of climate change is rising." - The Guardian

"...it is the first really comprehensive review of the economics of climate change. For nearly 20 years it has been the science of climate change that has made all the headlines... We've heard a thousand calls to action, to stop global warming happening. But what would that cost the world? And what would doing nothing cost us? ...now Sir Nicholas Stern and his team have come up with concrete numbers." - The Independent

For more information and opinions, see this book's Biblio-Blog