News Brief
Stern Report Advises Paying Now to Avoid Climate Change
Averting serious climate change would be far cheaper today than dealing with it in the future, according to a report commissioned by the British government and written by Sir Nicholas Stern, chief of Britain’s economic service and former chief economist of the World Bank. If we continue to allow unmitigated climate change, dealing with its effects could cost more than 20% of the world’s gross domestic product (GDP) each year, according to the report. The cost of cutting emissions to 60% to 80% below 1990 levels by 2050, however, would amount to only about 1% of global GDP, the study says. “The conclusion of the review is essentially optimistic,” said Stern. “There is still time to avoid the worst impacts of climate change if we act now and act internationally.” The full report is online at www.sternreview.org.uk.
Published December 5, 2006 Permalink Citation
Boehland, J. (2006, December 5). Stern Report Advises Paying Now to Avoid Climate Change. Retrieved from https://www.buildinggreen.com/newsbrief/stern-report-advises-paying-now-avoid-climate-change
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