Stern Review - Knowledge (XXG)

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non-utilitarian ethics, rights, distributional inequity, poverty, and treatment of future generations. How then can this report, acknowledging so many of those aspects of climate change that render orthodox economic analysis unsuitable for generating policy recommendations, go ahead to conduct a global cost-benefit calculation based on microeconomic theory and make that the foundation for its policy recommendations? Spash has argued that issues are suppressed and sidelined in a careful and methodical manner, with the pretense they have been addressed by 'state of the art' solutions. Meanwhile, the authors maintain allegiance to an economic orthodoxy which perpetuates the dominant political myth that traditional economic growth can be both sustained and answer all our problems. Besides perpetuating myths, this diverts attention away from alternative approaches, away from ethical debates over harming the innocent, the poor and future generations, and away from the fundamental changes needed to tackle the very real and serious problems current economic systems pose for environmental systems. In addition the policy recommendation of carbon trading is seen as deeply flawed for also failing to take account of social, ecological and economic reality.

625:(2010) give considerable attention to the Stern Review, noting that the targets of 550 ppm imply a global temperature increase of at least 3 °C "well beyond what climate science consider dangerous, and which would bring the earth's average global temperature to a height last seen in the middle Pliocene around 3 million years ago" (p. 154). They posit that the basis for such high targets is "economics, pure and simple" (p. 155), that is, stronger emissions cuts were seen by the Stern Review authors as "prohibitive, destabilizing capitalism itself" (p. 155). "All of this signals that any reduction in CO2 equivalent emissions beyond around 1 per cent per year would make it virtually impossible to maintain strong economic growth—the bottom line of the capitalism economy. Consequently, in order to keep the treadmill of accumulation going the world needs to risk environmental Armageddon" (p. 156). 981:, is highly critical of the Stern Review, and has said that "If a student of mine were to hand in this report as a Masters thesis, perhaps if I were in a good mood I would give him a 'D' for diligence; but more likely I would give him an 'F' for fail (Cox and Vadon, 2007). There is a whole range of very basic economics mistakes that somebody who claims to be a Professor of Economics simply should not make. Stern consistently picks the most pessimistic for every choice that one can make. He overestimates through cherry-picking, he double counts particularly the risks and he underestimates what development and adaptation will do to impacts." Tol has referred to the Stern Review as "populist science." In a paper published in 2008, Tol showed that the Stern Review's estimate of the 643:", the Stern report 'misused' disaster analysts research by Robert Muir-Wood, head of research at Risk Management Solutions, a US-based consultancy. The Stern report, citing Muir-Wood, said: "New analysis based on insurance industry data has shown that weather-related catastrophe losses have increased by 2% each year since the 1970s over and above changes in wealth, inflation and population growth/movement. If this trend continued or intensified with rising global temperatures, losses from extreme weather could reach 0.5%–1% of world GDP by the middle of the century." According to Muir-Wood "said his research showed no such thing and accused Stern of "going far beyond what was an acceptable extrapolation of the evidence". 1327:

generations in relation to succeeding generations. It is these two things that are crucial: risk and ethics. Different commentators may vary in their emphasis, but it is the two together that are crucial. Jettison either one and you will have a much reduced programme for action—and if you judge risks to be small and attach little significance to future generations you will not regard global warming as a problem. It is surprising that the earlier economic literature on climate change did not give risk and ethics the attention they so clearly deserve, and it is because we chose to make them central and explicit that we think we were right for the right reasons.

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growth and the elasticity of marginal utility, in line with Frank Ramsey's growth model. The Stern Review's average discount rate for climate change damages is approximately 1.4%, which, at the time of the Review, was lower than that used in most previous economic studies on climate change. Accounting for risk in the stochastic framework, however, means the expected mean or certainty equivalent discount rate will be below the discount rate for the mean expected outcome (Dietz, 2008, p. 11). In other words, accounting for risk means a greater weight is applied to worst case outcomes, as per the insurance market.

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modelling. Intergenerational justice would require more realistic assumption: one particular view is what they call the "sustainabilitarian" approach, which seeks to maximise present consumption subject to the constraint that future generations enjoy a quality of life at least as good as that enjoyed by the current generation. They support the discount factors used in the Stern analysis, particularly the view that discounting should reflect only the probability that the world will end at a given future date, and not the "impatience" of an infinitely lived representative consumer.)

1039:(via the social discount rate) "cavalierly". Dasgupta (2006, pp. 6–7) accepted the Review's argument for a PTP-rate of 0.1%, but did not accept Stern's choice of 1 for the elasticity of marginal utility. He argued this point by calculating a saving rate of 97.5% based on the Review's values for the PTP-rate and elasticity of marginal utility. Dasgupta stated that " 97.5% savings rate is so patently absurd that we must reject it out of hand." The calculation by Dasgupta was based on a model which had a deterministic economy, constant population, and no technological change. 1204:(Treasury Committee, 2008) has said that Stern's central mitigation cost estimate is "reasonable", but economists Robert Mendelsohn and Dieter Helm have commented that the estimate is probably too low. According to Mendelsohn, the Stern Review is far too optimistic about mitigation costs, stating that " of the depressing things about the greenhouse gas problem is that the cost of eliminating it is quite high. We will actually have to sacrifice a great deal to cut emissions dramatically" (Mendelsohn, 2007). 453:

Lea questions the long-term economic projections made in the Review, commenting that economic forecasts for just two or three years ahead are usually wrong. Lea goes on to describe the problem of drawing conclusions from combining scientific and economic models as "monumentally complex", and doubts whether the international co-operation on climate change, as argued for in the Review, is really possible. In conclusion, Lea says that the real motive behind the Review is to justify increased tax on fuels.

5570: 5558: 5494: 5482: 5518: 5506: 1110:. Neumayer argued that the real issue is the non-substitutable loss of natural capital, that is to what extent climate change inflicts irreversible and non-substitutable damage to and loss of natural capital. Economists define natural capital as the multiple and various services of nature from which humans benefit- from natural resources to pollution absorption and environmental amenities. 5546: 3264:"Minutes of Evidence, taken before the Treasury Committee, Tuesday 23 January 2007. Professor Paul Ekins, Head of Environment Group, Policy Studies Institute. Reply to Question 2. In: Climate change and the Stern Review: the implications for Treasury policy. Produced by the UK House of Commons Treasury Select Committee. The fourth report of the 2007–08 session" 547:

the wealth and superior technologies that could be used to handle whatever comes at them including climate change. So hurrying the process of switching from carbon-based fuels along by boosting energy costs means that humanity will have to delay buying other good things such as clean water, better sanitation, more and better food, and more education."

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elasticity of utility, while in the Review, Stern chose a value of 1. According to Arrow, Stern's recommended stabilisation target passes a cost-benefit test even when considerably higher PTP-rate (up to around 8%) than Stern's (0.1%) is used. Arrow acknowledged that his argument depended on Stern's stabilisation central cost estimate being correct.

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economic commensuration of costs and benefits, the probabilistic approach to uncertainty and the application of a utilitarian intergenerational calculus. Their criticism applies equally to the likes of Nordhaus and Tol. The orthodox economic debate is seen as a distraction from the basic ethical issues e.g. discounting instead of justice.

1357:, Stern said "Looking back, I underestimated the risks. The planet and the atmosphere seem to be absorbing less carbon than we expected, and emissions are rising pretty strongly. Some of the effects are coming through more quickly than we thought then" in the 2006 Review. He now believes we are "on track for something like four degrees". 1305:, or species extinction. Dietz points out that in many Integrated Assessment Models (IAMs), health and ecosystem impacts are not included because the monetary valuation of these impacts is "speculative and uncertain". Dasgupta (2008) also points out most models do not consider natural capital. Although recent studies on 915:

transportation also cannot be justified in the name of future generations. From the perspective of future generations, it is in their interest that all investments earn the same rate of return. The ethical justification for intentionally overspending on selective projects with low rates of return is weak indeed.

359:, stated that the Review demonstrated that scientific evidence of global warming was "overwhelming" and its consequences "disastrous" if the world failed to act. The UK Treasury, which commissioned the report, simultaneously published a document of favourable comments on the Review. Those quoted include: 1349:

and admitted that in the Stern Review, "We underestimated the risks we underestimated the damage associated with temperature increases and we underestimated the probabilities of temperature increases". In June 2008, Stern said that because climate change is happening faster than predicted, the cost

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In conventional cost-benefit analysis, biodiversity and ecosystem services that are not valued as losses are difficult to quantify. Neumayer argues that the real issue is non-substitutable loss of natural capital; to what extent climate change inflicts irreversible and non-substitutable damage to and

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e mitigation target) of around 1.5 to 4.5 °C above pre-industrial temperatures. Significant portions of climate damages would therefore still persist with Stern's mitigation target. To measure the benefit of Stern's mitigation target, the residual climate damages from mitigation would need to be

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and uncertainties in the economy (p. 121). His suggested tax rate was in the range of 25 to 30 dollars per ton of carbon. Stern did not accept Mendelsohn's argument that the Review presented a choice of policy versus no policy. Stern commented that the arguments for his recommended stabilisation

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Smith (2009) responded to Dasgupta's criticism of the Stern Review's implied savings rate. She showed that the rates of PTP and risk aversion in the Stern Review are consistent with saving rates of 25–32% rather than 97.5% when a macroeconomic model with the production function actually used by Stern

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newspaper, Varian commented "Sir Partha's stripped-down model leaves out uncertainty, technological change and population growth, but even so, such a high savings rate is totally implausible." Varian also questioned whether or not it was ethical for the current generation to transfer wealth to future

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investments in mitigation that cannot even earn a positive rate of return will be worth far less to future generations than those same dollars invested in the market. Placing climate change before investments in other important nonmarket services such as conservation, health, education, security, and

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describes the "destructive character" of the Stern Review's policy proposals, saying that "Surely it is reasonable to argue that if one wants to help future generations deal with climate change, the best policies would be those that encouraged economic growth. This would endow future generations with

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on water resources, food production, health, and the environment. According to the Review, without action, the overall costs of climate change will be equivalent to losing at least 5% of global gross domestic product (GDP) each year, now and forever. Including a wider range of risks and impacts could

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LORD STERN'S report on climate change, which underpins government policy, has come under fire from a disaster analyst who says the research he contributed was misused. Robert Muir-Wood, head of research at Risk Management Solutions, a US-based consultancy, said the Stern report misquoted his work to

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As far as discounting is concerned, the effects of improved technology work through increased consumption and do not need to be treated separately. However, specification of an optimal response to climate change will depend on assumptions about improvements in technology and the extent to which such

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have argued that an analysis of the problem must consider both the ethical and economic issues associated with discounting. They have made the claim that high rates of discounting as the ones proposed by Nordhaus are only consistent with the infinitely-lived-representative-agent approach to economic

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matter and need to be taken seriously. Something is surely amiss when such in-depth and comprehensive studies as the Stern(2007) review overlook this topic altogether." This criticism was rejected by the authors. They noted that by recommending a comprehensive global carbon price (see Summary above)

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Stern's investment advice makes sense only if you think that warming will hammer GDP by 10% a year. You don't gain much at all from emission cuts, however, if you think GDP will only drop by 5% a year if we do nothing. And if you think warming will only cost the global economy 2% of GDP every year,

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on which the Stern Review is based. She says that "authorities on climate science say that the climate system is far too complex for modest reductions in one of the thousands of factors involved in climate change (i.e., carbon emissions) to have a predictable effect in magnitude, or even direction."

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Arrow analysed the Stern Review's conclusions by looking at the Review's central estimate of GHG stabilisation costs of 1% GNP, and high-end climate damages of 20% GNP (Arrow, 2007a, pp. 4–5). As part of the Ramsay formula for the social discount rate, Arrow chose a value of 2 for the marginal

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of the costs of climate change, and underestimates the costs of emission reduction. Other critics have argued that the economic cost of the proposals put forward by Stern would be severe, or that the scientific consensus view on global warming, on which Stern relied, is incorrect. By contrast, some

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supported the Review's general conclusions, but was uncomfortable about how most (greater than 90%) of the Review's monetised damages of climate change occur after 2200. Cline noted that the Review's large cost-benefit ratio for mitigation policy allows room for these long-term costs to be reduced

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has criticised the Stern Review for parametric choices that, he argues, are inadequately sensitive to inequality. In subsequent debate, Stern has conceded the case for a higher elasticity, but noted that this would call for much more extensive redistribution of income within the current generation

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Radical ideas are needed not only at the level of understandings but also of forward strategies. The Stern Review is much stronger on the former than the latter, and leaves a lot of questions unanswered on implementation, particularly the downstream practicalities of bringing avoided deforestation

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Besides these broad insights, a number of specific results emerge as well. First, with a very low discount rate, the social cost of carbon is arbitrary. We know this because the estimate does not converge as the time horizon expands. It follows that assumption about the remote future dominate the

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Nordhaus has been very critical of the Ramsey zero pure time preference on the basis of utilitarian ethical stance. He takes a strictly market based view of intergenerational projects arguing that the social rate of time preference reflects the rate of return observed in the marketplace. Nordhaus

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Thus, ecological economist Clive Spash has questioned whether the report is nothing more than an exercise in rhetoric. Spash notes that a range of serious problems challenging economic analysis is raised or mentioned in the report including: strong uncertainty, incommensurability, plural values,

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In response to these talks, Stern accepted Cline's comment about the weighting of future damages, and said that the weighting of these damages could be reduced by the increasing the size of the elasticity of marginal utility in the social discount rate. With regards to criticisms of the discount

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Using a high discount rate decreases the assessed benefit of actions designed to reduce greenhouse gas emissions. The Stern Review did not use a single discount rate, but applied a stochastic approach whereby the discount rate varied with the expected outcomes, reflecting the interaction between

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A more fundamental criticism of the Stern report is that it raises a series of problems which it totally fails to address because of its orthodox approach. It simultaneously ignores a range of critical literature from ecological economics and environmental ethics which challenges such orthodox

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The main criticisms cited above concern the details of calculations and modelling choices within an orthodox economic framing of the world and mostly try to argue against substantive greenhouse gas mitigation. Ecological economists accept the need for serious action but reject the reasoning of

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for radically reducing carbon technology and the accompanying calls for immediacy in enacting them makes clear in a further way how utterly impractical the environmentalist program for controlling global warming actually is. The fundamental impracticality of the program, of course, lies in its

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The difference between Stern's estimates and those of Nordhaus can largely (though not entirely) be explained by the difference in the PTP-rate. Previous studies by Nordhaus and others have adopted PTP-rates of up to 3 per cent, implying that (other things being equal) an environmental cost or

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noted that Stern's estimates of business-as-usual climate damages were given in terms of per capita consumption equivalents, but Stern's costs of mitigation were given in terms of a percentage reduction in gross world product. Yohe stated that the two different measures are "not really at all

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In 2007, a symposium was held at Yale University on the Stern Review, with talks by several economists, including Nordhaus and Stern (Yale Symposium, 2007). Stern presented the basic conclusions of the Review, and commented on some of the criticisms of it made by other speakers. Chris Hope of

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Mr. Stern's core argument that the price of inaction would be extraordinary and the cost of action modest falls apart when one actually reads the 700-page tome. Despite using many good references, the Stern Review on the Economics of Climate Change is selective and its conclusion flawed. Its

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s unambiguous conclusions about the need for extreme immediate action will not survive the substitution of assumptions that are more consistent with today's marketplace real interest rates and savings rates. Hence, the central questions about global-warming policy—how much, how fast, and how

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credit for giving readers an authoritative-looking impression that seemingly objective best-available-practice professional economic analysis robustly supports its conclusions, instead of more openly disclosing the full extent to which the Review's radical policy recommendations depend upon

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The case for strong and urgent action set out in the Review is based, first, on the severe risks that the science now identifies (together with the additional uncertainties that it points to but that are difficult to quantify) and, second, on the ethics of the responsibilities of existing

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the Stern Review considers cost-benefit analysis as a marginal analysis inappropriately applied to a non-marginal multi-disciplinary systemic problem (p. 50). Both Stern (p. 163) and the IPCC Reports after 1995 take a multi-criteria approach rather than a narrowly monetary one and question

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emissions is justified, because there remains substantial uncertainty about the extent of the costs of global climate change, and because these costs will be incurred far in the future. However, I believe that Stern's fundamental conclusion is justified: we are much better off reducing

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Members of the Stern Review team have also given several talks that have covered criticisms of the Review. A talk given by Dimitri Zenghelis at the Tyndall Centre looked at criticisms of the Review and presented an overview of its main findings. In an official letter (2008),

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have made gains in monetising the value of ecosystems, more recent studies on ecosystem services suggest the Stern Review underestimates the need for mitigation action as it is difficult for models to quantify the collapse of ecosystem services under climate change.

333:, was optimistic about the opportunities for industry to meet demands created by investment in technology to combat climate change. The Prince of Wales' Corporate Leaders Group on Climate Change, formed by 14 of UK's leading companies shared this hope. Chairman of 1155:

that was used in the Review. Hope explained what would happen to the Stern Review's damage estimates if they were made using different assumptions, for example, a higher discount rate. Hope also pointed to the assumptions used in the model to do with adaptation.

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consumption (Dietz, 2008, p. 10). Stern accepts the case for discounting, but argues that applying a PTP-rate of anything much more than zero to social policy choice is ethically inappropriate. His view is supported by a number of economists, including

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Dasgupta argues that there is some confusion in the Stern review about the underlying rationale for the selection of the Ramsey parameters. He states that the review mixes both market returns on investment with parameters selected on ethical grounds.

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comparable". Yohe commented on how the Review gives the impression that all climate damages can be avoided through the investment of 1% of world GDP in mitigation. This, however, would still lead to global warming (as per the Review's 550 ppm CO

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was critical of the Review's analysis but accepted its conclusion of the urgent need to reduce emissions. Helm justified this on the grounds that future damages to the environment would probably not be fully compensated for by increases in man-made

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The Stern review was not released for regular peer-review, since the UK Government doesn't undertake peer review on commissioned reviews. Papers were published and presentations held, that outlined the approach in the months preceding the release.

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a number of economists and scientists argued that Stern assumptions in the Review are far more pessimistic than those made by most experts in the field, and that the Review's conclusions are at odds with the mainstream view (Cox and Vadon, 2007).

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With increasing average consumption in future, the marginal utility of consumption will decline. The elasticity of the marginal utility of consumption (part of the social discount rate) may be interpreted as a measure of aversion to inequality.

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Robert Mendelsohn was critical of the way the Stern justified his suggested mitigation policy in the Review. Mendelsohn said that rather than finding an optimal policy, the Review presented a choice of policy versus no-policy. Jeffrey Sachs of

828:, the assumptions that must be made about the remote future are so uncertain that they are essentially arbitrary. Consequently, the assumptions made dominate the results and with a low discount rate the social cost of carbon is also arbitrary. 671:

climate change damages were calculated for a "business-as-usual" greenhouse gas (GHG) emissions pathway. Residual climate change damages (at the margin) were also calculated for other emissions pathways, especially one peaking at 450 ppm

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MP of the UK Government, dismisses the criticisms of the Review made by several economists, which, in her view, show "a fundamental misunderstanding of the role of formal, highly aggregated economic modelling in evaluating a policy issue".

943:. Quiggin says that there is no generally accepted theory accounting for the observed magnitude of the equity premium and hence no easy way of determining which approach, if either, should be regarded as the appropriate market comparator. 289:

to lead 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 was prepared by a team of economists at

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The impacts of climate change are not evenly distributed—the poorest countries and people will suffer earliest and most. And if and when the damages appear it will be too late to reverse the process. Thus we are forced to look a long way

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Spash, C. L. (2007) Problems in economic assessments of climate change with attention to the USA. Frontiers in Environmental Valuation and Policy. J. Erickson and J. Gowdy. Cheltenham, UK/Northampton, MA, USA, Edward Elgar Publishing

470:, said: "Without countries like the US, China or India, making decisive commitments, UK competitiveness will undoubtedly suffer if we act alone. This would be bad for business, bad for the economy and ultimately bad for our climate." 2745:

Mendelsohn, R., T. Sterner, M. Persson and J.P. Weyant (8 July 2008). "Comments on Simon Dietz and Nicholas Stern's Why Economic Analysis Supports Strong Action on Climate Change: A Response to the Stern Review's Critics".

788:, wrote "My view—which I admit may well be wrong—of this knotty problem is that we are impatient in the sense of valuing the present and near-future much more than we value the distant future, but that we shouldn't do so." 1814: 666:

used in the Review. Discounting is used by economists to compare economic impacts occurring at different times. Discounting was used by Stern in his calculation of the possible economic damages of future climate change.

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to minimise the economic and social disruptions. The Stern Review's main conclusion is that the benefits of strong, early action on climate change far outweigh the costs of not acting. The Review points to the potential

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broadly endorsed the approach undertaken by Stern, but concluded, in the light of new information, that Stern had underestimated the severity of the problem and the extent of the cuts in emissions that were required to

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thinking. Stern as an orthodox economist squeezes all matters and concepts into a narrow mathematical formalism which heterodox economists, such as Tony Lawson, point out fails to address economic and social reality.

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of future generations even if they are poorer than the current generation. The social discount rate used by Stern, however, accounts for the possible increased wealth (consumption) of future generations through the

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Climate change may initially have small positive effects for a few developed countries, but it is likely to be very damaging for the much higher temperature increases expected by mid-to-late century under BAU

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Stern: We are in pretty good company here in that Solow, Sen, Keynes, Ramsey and all kinds of people have adopted the approach to pure time discounting that we have adopted. It is not particularly unusual.

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There is no definitive answer to this question because it is inherently an ethical judgment that requires comparing the well-being of different people: those alive today and those alive in 50 or 100 years.

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Spash, C. L. (2007) Fallacies of economic growth in addressing environmental losses: Human induced climatic change. Newsletter of the Australia New Zealand Society for Ecological Economics (ANZSEE)(May):

589:, which states that improvements in energy-efficiency of technologies can potentially increase greenhouse gas emission, Steve Sorrel concludes with "A prerequisite for all the above is a recognition that 3055: 1011:) assessment of climate change. One of Weitzman's conclusions was that Stern deserved credit for increasing public awareness on the dangers of climate change. However, Weitzman also commented that: 5218: 337:

UK, James Smith, expressed the hope of the group that business and Government would discuss how Britain could obtain "first mover advantage" in what he described as "massive new global market".

1230:, 2008). Weyant wrote that his own high short-run cost projection for stabilisation, of possibly 10% GDP, resulted "primarily from institutional pessimism rather than technological pessimism." 920:

also raised his view that the present generation will have to forgo a large amount of consumption now for the benefit of future generations who will be much richer than the present generation.

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will bring challenges for competitiveness but also opportunities for growth. Policies to support the development of a range of low-carbon and high-efficiency technologies are required urgently.

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is required to be invested to avoid the worst effects of climate change. In June 2008, Stern increased the estimate for the annual cost of achieving stabilisation between 500 and 550 ppm

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The Stern Review team have responded to criticisms of the Review in a number of papers. In these papers, they reassert their view that early and strong action on climate change is necessary:

160:) have supported the Review. Others have criticised aspects of Review's analysis, but argued that some of its conclusions might still be justified based on other grounds, e.g., see papers by 2953:

Tol chose to omit two of Stern's SCC estimates. The omitted SCC estimates are both associated with emissions pathways leading to a stabilisation of GHG concentrations: one at 450 ppm CO

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In his talk, Nordhaus criticised the fact that the Stern Review had not been subject to a peer-review, and repeated earlier criticisms of the Review's discount rate. William Cline of the

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Asset managers F&C look to the business opportunities and say "this is an unprecedented opportunity to generate real value for our clients". Brendan Barber, General Secretary of the

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questioned some of the assumptions used in Nordhaus's integrated assessment model (DICE) of climate change. Sachs was supportive of Stern's cost estimates of climate change mitigation.

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has written a paper on the Stern Review (Weitzman, 2007). In this paper, Weitzman described himself as "skeptical" in regards to the discount rate used by Stern in the Review's formal (

3214: 2394:. Stern Review Report on the Economics of Climate Change (pre-publication edition). Pre-publication PDF edition: HM Treasury. Print version: Cambridge University Press. p. 304 5235: 3128:""Saving the World but Saving Too Much? Pure Time Preference and Saving Rates in Integrated Assessment Modelling." Environmental Economics Research Hub Research Report No. 39" 4671: 4497: 5590: 4666: 871:

has argued that standard discounting procedures are inherently incapable of dealing with extreme, low-probability events, such as the risk of catastrophic climate change.

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benefit occurring 25 years in the future is worth about half as much as the same benefit today. Richard Tol argues that in estimating discounting rates and the consequent

3677:"House of Commons Deposited Paper DEP2008-0858: Letter from Joan Ruddock MP to Andrew Tyrie MP regarding critiques of the Stern review of the economics of climate change" 2345: 1064:

According to Dietz (2008, pp. 10–11), Varian's analysis had apparently confused the PTP-rate with the social discount rate. The PTP-rate, if positive, discounts the

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commented on the Stern Review. Dasgupta (2006, p. 1) described the Review as "a long and impressive document", but felt that the authors had treated the issue of

251:, through tax, trading or regulation, is an essential foundation for climate change policy. Creating a broadly similar carbon price signal around the world, and using 550:

Commenting on the Review's suggested increases in environmental tax, the British Chambers of Commerce have pointed to the dangers to business of additional taxation.

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future consumption should be discounted simply because it takes place in the future and people generally prefer the present to the future (inherent discounting)

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Climate change threatens the basic elements of life for people around the world—access to water, food production, health, and use of land and the environment.

4413: 598:. A carbon price imposes a wedge between the supply price received by producers and demand price paid by consumers thereby prompting substitution away from 4297: 3512:

Spash, C. L. (2007) The economics of climate change impacts à la Stern: Novel and nuanced or rhetorically restricted?' Ecological Economics 63(4): 706–713.

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Uncertainty about future consumption may be addressed either through adjustments to the discount rate or by replacing uncertain flows of consumption with

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Yohe and Tol (2007) described Lea's article as a climate sceptics "scattershot approach" aiming to confuse the public by questioning the causal role of CO

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wrote a paper (Barker, 2008) supportive of the Review. Barker was critical of how some economists have applied cost-benefit analysis to climate change:

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on international development, argued that the key proposals in relation to how to use forests to tackle climate change may prove difficult to implement:

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There has been a mixed reaction to the Stern Review from economists. Several economists have been critical of the Review, for example, a paper by Byatt

2422:"A long-run target for climate policy: the Stern Review and its critics, supporting research for the UK Committee on Climate Change's inaugural report 5435: 4551: 4136: 1656: 939:

for private investment; see the extensive review by Frederick et al. (2002) According to Quiggin, the difference between the two is determined by the

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Funtowicz, S. O. and J. R. Ravetz (1994) The worth of a songbird: Ecological economics as a post-normal science. Ecological Economics 10(3): 197–207.

113:. Although not the first economic report on climate change, it is significant as the largest and most widely known and discussed report of its kind. 4766: 4487: 4205: 3982: 2491: 294:; independent academics were involved as consultants only. The scientific content of the Review was reviewed by experts from the Walker Institute. 229:

are around 1% of global GDP, if we start to take strong action now. It would already be very difficult and costly to aim to stabilise at 450ppm CO

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emissions substantially than risking the consequences of failing to act, even if, unlike Stern, one heavily discounts uncertainty and the future.

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provides a tool for estimating the total impact on the economy; our estimates suggest that this is likely to be higher than previously suggested.

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said "Now the government must act and, among other things, invest in efficient decentralised power stations and tackle the growth of aviation."

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Neumayer (2007) A missed opportunity: the Stern review on climate change fails to tackle the issue of non-substitutable loss of natural capital

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Both supporters and opponents of Stern's discount rate have used comparisons with market rates of return on capital to justify their position.

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Daily, G. C., P. R. Ehrlich, H. A. Mooney and A. H. Ehrlich (1991) Greenhouse economics: Learn before you leap. Ecological Economics 4: 1–10.

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Adaptation policy is crucial for dealing with the unavoidable impacts of climate change, but it has been under-emphasised in many countries.

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In an appearance before the House of Commons Treasury Select Committee (2008), Stern was asked about the discount rate used in the Review:

780:. Cline wrote a book on global warming, published in 1992, where he made similar ethical choices to Stern for discounting. DeLong, echoing 449: 311: 3871: 1176:

rate, Stern accepted that differences of opinion could exist on his ethical choice for the PTP-rate (Yale Symposium, 2007, p. 118).

430:

argue that the Review emission reduction targets are too weak, and that the climate change damage estimates in the Review are too small.

130:

increase this to 20% of GDP or more, also indefinitely. Stern believes that 5–6 degrees of temperature increase is "a real possibility".

109:(LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE. The report discusses the 5600: 4933: 4711: 4529: 4461: 4451: 4434: 4341: 4148: 3412:

Spash, C. L. (2007) Understanding climate change: Need for new economic thought. Economic and Political Weekly February(10th): 483–490.

1987: 5362: 5223: 5180: 4676: 1043: 1008: 398: 110: 81: 5289: 5165: 4982: 4185: 3649: 1371: 1135: 511: 394: 319: 3574: 5615: 5522: 5160: 5140: 5087: 5039: 4101: 3215:"A Missed Opportunity: The Stern Review on Climate Change Fails to Tackle the Issue of Non-Substitutable Loss of Natural Capital" 1453: 936: 94: 52: 5279: 5230: 4656: 4618: 4563: 4033: 2360: 1751: 1152: 1020:

controversial extreme assumptions and unconventional discount rates that most mainstream economists would consider much too low

201: 506:, briefly criticising the Review and warning of what he called "eco-fundamentalism". In 2008, Lawson gave evidence before the 5347: 4631: 4388: 3913:

The RIBA Trust Annual Lecture: Lord Stern (part of the International Dialogues: Architecture and Climate Change talks series)

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cost-benefit analysis. This is one reason for the intemperate response from some traditional economists to the Stern Review

1057:

generations (via investment in mitigation), who, given Stern's assumptions, would be much wealthier than we presently are.

406:, Adviser to the UK Government on the long term links between transport and economic growth, and former chief executive of 5457: 4992: 4524: 3761: 2386: 1381: 1346: 1126: 314:

said "This removes the last refuge of the 'do-nothing' approach on climate change, particularly in the US." Tom Delay of

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The Stern Review differed strongly from most other estimates of climate change costs in the economics literature in 2006.

5440: 5112: 4641: 4636: 4541: 4418: 3975: 3168:

Barker, T. (August 2008). "The economics of avoiding dangerous climate change. An editorial essay on The Stern Review".

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The Stern Review has received various critical responses. Some economists have argued that the Review overestimates the

183:

The scientific evidence points to increasing risks of serious, irreversible impacts from climate change associated with

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stated that the choice of discount rate was an inherently ethical judgement for which there was no definitive answer.

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Frederick, S.W., G. Loewenstein and T. O'Donoghue (2002). "Time Discounting and Time Preference: A Critical Review".

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suggest a firm link between global warming and the frequency and severity of disasters such as floods and hurricanes.

3698: 2248:

Sorrel, Steve (April 2009). "Jevons' Paradox revisited: The evidence for backfire from improved energy efficiency".

2052: 460:, by emphasising the complexity of making economic predictions and by attributing a motive for Stern's conclusions. 5510: 5274: 5077: 5034: 4807: 4729: 4583: 3898: 3263: 2356: 2119: 1391: 1386: 1103: 261:

An effective response to climate change will depend on creating the conditions for international collective action.

106: 1179:

Other comments by Stern included what he viewed as confusion over what he had suggested as a possible level for a

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fear-mongering arguments have been sensationalized, which is ultimately only likely to make the world worse off.

5389: 5384: 5315: 5155: 4661: 4626: 4519: 4446: 4287: 4116: 4052: 4013: 3883: 3601: 3449:

Spash, C. L. (1993) Economics, ethics, and long-term environmental damages. Environmental Ethics 15(2): 117–132

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Spash, C. L. (1994) Double CO2 and beyond: Benefits, costs and compensation. Ecological Economics 10(1): 27–36.

1036: 345: 5374: 1226:

commented on how the cost estimate of mitigation used in the Review was based on idealised models (Mendelsohn

1201: 3285: 3104: 2540: 1737: 5498: 5420: 5330: 5072: 5044: 4724: 4361: 3968: 3137:. The Crawford School of Economics and Government, Australian National University, Canberra 0200 Australia. 3042:. Website of Sir Partha Dasgupta FBA FRS, Frank Ramsey Professor Emeritus of Economics, Cambridge university 2689:"Reflections on the Stern Review (1): A Robust Case for Strong Action to Reduce the Risks of Climate Change" 2068:"Stern Review: Implications for Climate Change. Environment: Science and Policy for Sustainable Development" 951:

HM Treasury have issued a document where several economists are quoted praising the Stern Review, including

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based on the "Ramsey" formula, which includes a term for inherent discounting, also called the pure rate of

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Economists have different views over the cost estimates of climate change mitigation given in the Review.

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Spokeswoman, said doing nothing is not an option, "we must act now". Simon Retallack of the UK think tank

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thought that the Review could have argued for emission reductions based on the non-substitutable loss of

713:

Debate over the Stern Review initially focused on the first of these points. In the Review, Stern used a

5574: 5486: 5132: 5009: 4817: 4277: 4200: 3628: 2808: 2767: 1208: 1070: 940: 825: 330: 3878: 3127: 2638:"Climate change and the Stern Review: the implications for Treasury policy. Fourth Report of 2007–2008" 2318: 843: 3495: 5325: 5203: 4894: 4864: 4439: 4366: 3801: 3179: 2839: 2688: 1479: 1396: 1354: 1148: 1028: 907: 856: 714: 663: 2601: 1722: 1350:

to reduce carbon would be even higher, of about 2% of GDP instead of the 1% in the original report.

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ever seen, presenting a unique challenge for economics. The Review provides prescriptions including

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to accelerate action in developing countries, are urgent priorities for international co-operation.

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loss of natural capital. For example, it would be difficult to quantify the loss of coral reefs,

1160: 1052: 1000: 928: 668: 599: 241: 153: 5569: 2897: 1774: 586: 3533: 1487:. Stern Review Report on the Economics of Climate Change (pre-publication edition). HM Treasury 318:

said "The Review offers a huge business opportunity." Richard Lambert, Director General of the

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Gail Whiteman's findings of economic costs of arctic methane release added to the Stern review

3817: 3138: 2855: 2284: 1698: 1450:"Stern Review on The Economics of Climate Change (pre-publication edition). Executive Summary" 1302: 1117: 1065: 785: 403: 334: 3933: 1151:

explained how the damage estimates in the Review were calculated. Hope designed the PAGE2002

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Anthoff, David; Tol, Richard S. J.; Yohe, Gary W (2009). "Discounting for Climate Change".

5399: 5320: 5284: 5213: 5187: 5175: 5092: 5024: 4899: 4756: 4378: 4329: 4307: 3838: 3733: 3650:"Beyond Stern: Financing international investment in low carbon technologies and projects" 3170: 2937: 2920: 2721: 2610: 1755: 1744: 1107: 1032: 1004: 964: 952: 881: 868: 799: 781: 718: 590: 537: 463: 440: 407: 161: 3653: 3036: 2966:

Adapted from a portion of Figure 1 in Tol and Yohe (2006) "A Review of the Stern Review"

2874: 1024:

According to a paper Weitzman (2007), the Stern Review is "right for the wrong reasons".

679:

There are four main reasons commonly proposed by economists for placing a lower value on

221:"Central estimates of the annual costs of achieving stabilisation between 500 and 550ppm 207:

Emissions have been, and continue to be, driven by economic growth; yet stabilisation of

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flows. Stern adopted the latter approach, but was criticised by Tol and Yohe (2006) for

700:

improved technology of the future will make it easier to address global warming concerns

5550: 5352: 5208: 5150: 5145: 4987: 4876: 4608: 4603: 4598: 4456: 4393: 4131: 4111: 4070: 3991: 2725: 1211: 1087: 956: 558: 554: 523: 363: 349: 322:, said that a global system of carbon trading is "urgently needed". Charlie Kronick of 286: 252: 208: 117: 98: 63: 2851: 2624:

results; and since these assumptions are so uncertain, they are essentially arbitrary.

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responded by announcing that A$ 60 million would be allotted to projects to help cut

211: 3829: 3560: 3286:"Britain's Stern Review on Global Warming: It Could Be Environmentalism's Swan Song" 3241: 3233: 3199: 2618: 2142: 1748: 1567:

Nordhaus, W. D. (2007). "A Review of the Stern Review on the Economics of Climate".

5310: 5107: 4751: 4741: 4398: 4282: 4195: 3766: 3724: 3052:

Dasgupta's comments from this seminar were later published in the following paper:

1758:, with the alternative title, "The Stern Review of the Economics of Climate Change" 1530: 1333: 1130: 1083: 635: 499: 390: 381: 282: 248: 157: 3955: 3363:"Some thoughts on the damage estimates presented in the Stern Review—An Editorial" 2226: 2005: 1898: 1507: 1345:

In April 2008 Stern said that the severity of his findings were vindicated by the

306:

The Stern Review attracted positive attention from several sectors. Pia Hansen, a

2481:"Climate economics: A meta-review and some suggestions. NBER Working Paper 13927" 5337: 4854: 4846: 4106: 3940: 3600:

Dietz, S., D. Anderson, N. Stern, C. Taylor and D. Zenghelis (April–June 2007).

2916: 2424:

Building a Low-Carbon Economy – the UK's Contribution to Tackling Climate Change

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Soon after publication of the Stern Review, former Chancellor of the Exchequer

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Spash, C. L. (2002) Greenhouse Economics: Value and Ethics. London, Routledge.

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improvements will be induced by policies that increase the cost of emissions.

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In contrast to those who argued that the Stern Review was too pessimistic or '

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In a response to a paper by members of the Stern Review team, John Weyant of

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Jensen, P.H. and E. Webster (2007), Australian Economic Review 40(2):421–431

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Hazard Research Centre said that Stern may have greatly underestimated the

5545: 2759: 971:. Sachs and Stiglitz have also written favourable articles on the Review. 180:

The benefits of strong, early action on climate change outweigh the costs.

3762:"Nicholas Stern: 'I got it wrong on climate change – it's far, far worse" 3021: 1731: 1580: 594:

the Stern Review proposed the most powerful mechanism for staunching the

152:(2006) describes the Review as "deeply flawed". Some economists (such as 116:

The Review states that climate change is the greatest and widest-ranging

352:. Much of this funding was directed at the non-renewable coal industry. 4302: 3792:

Barker, Terry (August 2008). "Special Topic: The Stern Review Debate".

2947: 1164:

substantially but still support aggressive action to reduce emissions.

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has said that "Any serious consideration of the proposals made in the

5305: 2576:. Research Unit Sustainability and Global Change, Hamburg University. 2348:

Climate Change 1995: Economic and Social Dimensions of Climate Change

413:

Several academic economists are also quoted praising the Review (see

121: 3602:"Right for the Right Reasons: A final rejoinder on the Stern Review" 1913:"Stern message maps out way forward on climate change, says F&C" 1188:

range were included in Chapter 13 of the Review (pp. 124–125).

2102:"The Economics and Politics of Climate Change: An Appeal to Reason" 867:, 2007, pp. 138–139). Whilst critical of Stern's discounting, 4312: 3839:"Policy Brief No. 3: Discounting, Uncertainty, and Climate Change" 2385:

Stern, N. "Box 13.3 The social cost of carbon and stabilisation".

1254:

Critics of the Stern Review don't think serious action to limit CO

991: 935:. The higher rates preferred by Stern's critics are closer to the 385: 3960: 3003:"A Review of The Stern Review on the Economics of Climate Change" 2346:"Intertemporal Equity, Discounting, and Economic Efficiency. In: 2143:"Stern Review. The dodgy numbers behind the latest warming scare" 2120:"House of Commons Treasury Select Committee. Minutes of Evidence" 1526:"Cost of tackling global climate change has doubled, warns Stern" 564:, criticised Stern's conclusion, taking a calculation by himself: 145:

to 2% of GDP to account for faster than expected climate change.

103:

Grantham Research Institute on Climate Change and the Environment

3575:"Stern Team – Additional papers and Presentations by Lord Stern" 992: 5256: 4961: 4697: 4257: 4169: 4050: 4002: 3964: 3648:

Tyndall Centre for Climate Change Research (19 February 2007).

2302: 2300: 1876:. Yale Center for the Study of Globalization. pp. 117–130. 1815:"Background to Stern Review on the Economics of Climate Change" 1545:

Tol, R.S.J. and G.Yohe (2006). "A Review of the Stern Review".

3951: 2921:"The Social Cost of Carbon: Trends, Outliers and Catastrophes" 2898:"EU makes grandiose gestures, but climate is all that changes" 2636:

House of Commons Treasury Select Committee (15 January 2008).

2087:"The challenge of putting Stern's prescriptions into practice" 1596:"The Stern Review: A Dual Critique, Part II. Economic Aspects" 574: 5219:

Cooperative Mechanisms under Article 6 of the Paris Agreement

3956:

Chrysler Boss says Stern Report is based on dubious economics

3458:

Lawson, T. (1997) Economics & Reality. London, Routledge.

2460:. Yale Center for the Study of Globalization, Yale University 233:

e. If we delay, the opportunity to stabilise at 500–550ppm CO

3056:"Commentary: The Stern Review's Economics of Climate Change" 3037:"Comments on the Stern Review's Economics of Climate Change" 2726:"Comments on the Stern Review's Economics of Climate Change" 806:, criticised the Review for its use of a low discount rate: 658:

Economics of climate change mitigation § Discount rates

3904: 1284:

subtracted from Stern's business-as-usual climate damages.

985:(SCC) along a "business-as-usual" emissions pathway was an 910:

of Yale University is a critic of the Review and has said:

3872:

Full text of the Stern Review, archived on Wayback Machine

2275:

John Bellamy Foster, Brett Clark and Richard York (2010).

2072:

Environment Science and Policy for Sustainable Development

1960:

Muspratt, Caroline; Seawright, Stephen (30 October 2006).

1915:(Press release). F&C Asset Management. 30 October 2006 5395:

Illustrative model of greenhouse effect on climate change

3496:"Climate Impacts on Ecosystems – Climate Change – US EPA" 2520:. Peter G. Peterson Institute for International Economics 1775:"Climate-change policy: why has so little been achieved?" 819:

informs but does not answer these fundamental questions.

690:

consumption levels will be higher in the future, so the

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e and the other 550 ppm (p. 2 of this source)

348:

while reiterating that Australia would not ratify the

5534: 5236:

United Nations Framework Convention on Climate Change

3884:

Economist.zoom: How to value a grandchild, 4 Dec 2006

3135:

Environmental Economics Research Hub Research Reports

2925:

Economics: The Open-Access, Open-Assessment e-Journal

2589:

Economics: The Open-Access, Open-Assessment e-Journal

3154:

Smith's work is also available as: K.Smith (2010), '

2031:"Comments on the Stern Review by leading economists" 1129:, a similar study conducted in Australia in 2008 by 683:

occurring in the future rather than in the present:

133:

The Review proposes that one per cent of global GDP

5413: 5298: 5267: 5196: 5131: 5053: 4975: 4926: 4843: 4800: 4710: 4617: 4480: 4427: 4270: 4094: 4063: 3577:. UK Office of Climate Change. 2008. Archived from 3476:

Dietz et al, 2007. Reflections on the Stern Review.

1841:"Walker Institute contribution to the Stern Review" 1817:. London: HM Treasury. 19 July 2005. Archived from 863:, a claim rejected by the Stern Review team (Dietz 662:One of the issues debated among economists was the 77: 69: 59: 47: 39: 34: 3879:The Economics of Climate Change – The Stern Review 3844:. Economics for Equity and the Environment website 3760:Heather Stewart; Larry Elliott (26 January 2013). 3340:"The Case for Mitigating Greenhouse Gas Emissions" 3105:"Recalculating the Costs of Global Climate Change" 2828:Sachs, J. (February 2007). "Moving Beyond Kyoto". 2541:"Recalculating the Costs of Global Climate Change" 2279:The Ecological Rift: Capitalism's War on the Earth 2276: 1955: 1953: 1524:Jowit, Juliette; Wintour, Patrick (26 June 2008). 927:The discount rate chosen by Stern is close to the 1443: 1441: 218:is feasible and consistent with continued growth. 5436:Intergovernmental Panel on Climate Change (IPCC) 2661:"The ethics of distribution in a warming planet" 2066:Yohe, Gary W.; Tol, Richard S. J. (March 2007). 2025: 2023: 617:', others argued that it did not go far enough. 3867:Full text of the Stern Review, from HM Treasury 1860: 1858: 1701:Stern Review on the Economics of Climate Change 1252: 808: 566: 529: 491: 91:Stern Review on the Economics of Climate Change 35:Stern Review on the Economics of Climate Change 3905:Centre for Climate Change Economics and Policy 3485:Dasgupta, P., 2008. Discounting Climate change 3301:"Global Climate Change: A Challenge to Policy" 2085:Brown, David; Peskett, Leo (5 December 2006). 340:On 1 November 2006, Australian Prime Minister 27:2006 report on the economics of climate change 4181:History of climate change policy and politics 3976: 2687:Dietz, S.; et al. (January–March 2007). 1893: 1891: 1889: 1887: 1885: 1883: 384:, Member, Planning Commission, Government of 111:effect of global warming on the world economy 82:Effect of global warming on the world economy 8: 3633:: CS1 maint: multiple names: authors list ( 2813:: CS1 maint: multiple names: authors list ( 2772:: CS1 maint: multiple names: authors list ( 2748:Review of Environmental Economics and Policy 2682: 2680: 2415: 2413: 2411: 2409: 2176:"Business sees red over green tax onslaught" 1478:Stern, N. (2006). "Summary of Conclusions". 4298:Atlantic meridional overturning circulation 2740: 2738: 2388:13 Towards a Goal for Climate-Change Policy 2104:. Centre for Policy Studies. Archived from 1988:"$ 60m to help cut emissions | NEWS.com.au" 1692: 1690: 1688: 1629:. Grasping Reality with a Sharp Beak (Blog) 1015:in my opinion, Stern deserves a measure of 5517: 5505: 5264: 5253: 4972: 4958: 4707: 4694: 4267: 4254: 4166: 4060: 4047: 3999: 3983: 3969: 3961: 2225:Cox, S. & R. Vadon (26 January 2007). 1650: 1648: 1646: 1644: 1042:Dasgupta's calculation was later cited by 639:article "Climate change study was 'misused 569:then Stern's investment advice is lunacy. 5591:Climate change assessment and attribution 5063:Adaptation strategies on the German coast 4206:United Nations Climate Change conferences 3699:"I underestimated the threat, says Stern" 2946: 2936: 2600: 1721: 1473: 1471: 1242:has commented on the Stern Review in the 1077: 1076:(see the formula cited in the section on 629:Stern report misused climate change study 5596:Reports of the United Kingdom government 4767:Co-benefits of climate change mitigation 2122:. UK Parliament website. 15 January 2008 1620: 1618: 1616: 172:Summary of the Review's main conclusions 5541: 5123:National Adaptation Programme of Action 4912:Land use, land-use change, and forestry 3889:Summary of key findings from the report 3534:"The brave new world of carbon trading" 2448: 2446: 2227:"Running the rule over Stern's numbers" 1768: 1766: 1764: 1625:J. Bradford DeLong (18 December 2006). 1562: 1560: 1519: 1517: 1414: 697:future consumption levels are uncertain 694:of additional consumption will be lower 268:if strong collective action starts now. 264:There is still time to avoid the worst 4772:Economics of climate change mitigation 4735:Gold Standard (carbon offset standard) 4086:Scientific consensus on climate change 3626: 3262:Treasury Committee (15 January 2008). 3156:Stern, Climate Policy and Saving Rates 2806: 2765: 2220: 2218: 2216: 2049:"Just another excuse for higher taxes" 1657:"Stern and the critics on discounting" 1422:Francis Cairncross (30 October 2006). 1088:Tyndall Centre Climate Change Research 979:Economic and Social Research Institute 802:, who has done several studies on the 450:scientific consensus on climate change 93:is a 700-page report released for the 31: 5431:Coupled Model Intercomparison Project 3729:"Stern takes bleaker view on warming" 2938:10.5018/economics-ejournal.ja.2008-25 2611:10.5018/economics-ejournal.ja.2009-24 2207:"Global Warming Costs & Benefits" 1424:"Time to get Stern on climate change" 481:. David Brown and Leo Peskett of the 7: 5621:Climate change in the United Kingdom 5453:Representative Concentration Pathway 4404:Tipping points in the climate system 4080:Carbon dioxide in Earth's atmosphere 2570:"The Stern Review: A Deconstruction" 2488:National Bureau of Economic Research 2455:"Yale Symposium on the Stern Review" 2309:"Climate change study was 'misused'" 1865:Stern, Sir Nicolas (February 2007). 1367:Climate change in the United Kingdom 977:, an environmental economist at the 5224:Nationally determined contributions 4934:Individual action on climate change 4149:World energy supply and consumption 2875:"A Cool Calculus of Global Warming" 2539:Varian, Hal R. (14 December 2006). 2307:Leake, Jonathan (31 January 2010). 2163:. Reason Magazine. 3 November 2006. 2051:. London: Telegraph. Archived from 2006:"Climate change fight 'can't wait'" 1934:Barber, Brendan (30 October 2006). 1508:"Report's stark warning on climate" 1207:Professor Emeritus of Economics at 5363:Fixed anvil temperature hypothesis 3288:. capitalism.net. 1 November 2006. 3063:National Institute Economic Review 1874:Yale Symposium on the Stern Review 1655:Quiggin, John (20 December 2006). 1506:Peston, Robert (29 October 2006). 621:, Brett Clark and Richard York in 602:activities. This insures that the 444:(2006), Ruth Lea, Director of the 399:Sustainable Development Commission 25: 5290:Satellite temperature measurement 4895:forestry for carbon sequestration 4186:History of climate change science 3367:The Integrated Assessment Journal 3338:Arrow, K.J. (10 December 2007b). 3103:Varian, H.R. (14 December 2006). 3035:Dasgupta, P. (12 December 2006). 2852:10.1038/scientificamerican0207-30 2659:Roemer, J.E. (15 December 2008). 2344:Arrow, K.J.; et al. (1995). 2141:Bjørn Lomborg (2 November 2006). 1936:"TUC comment on the Stern review" 1899:"Expert reaction to Stern Review" 1666:. JohnQuiggin.com. Archived from 1456:from the original on 9 March 2010 1372:Avoiding Dangerous Climate Change 875:Future consumption will be higher 395:Confederation of British Industry 320:Confederation of British Industry 5568: 5556: 5544: 5516: 5504: 5493: 5492: 5480: 5141:Climate Change Performance Index 3727:; Pickard, Jim (16 April 2008). 2896:Tol, Richard (27 January 2008). 2453:Yale Symposium (February 2007). 2100:Nigel Lawson (1 November 2006). 1782:Oxford Review of Economic Policy 1219:utterly destructive character." 937:weighted average cost of capital 494:into climate mitigation efforts. 285:announced that he had asked Sir 171: 97:on 30 October 2006 by economist 95:Government of the United Kingdom 53:Government of the United Kingdom 5280:Instrumental temperature record 5231:Sustainable Development Goal 13 3234:10.1016/j.gloenvcha.2007.04.001 2174:Kollewe, J. (30 October 2006). 1867:"11. Reaction to the Panelists" 1594:Byatt, I.; et al. (2006). 1234:Comparison with climate damages 521:criticised the Stern Review in 473:Prof. Bill McGuire of Benfield 202:Integrated assessment modelling 5348:Climate variability and change 4389:Retreat of glaciers since 1850 3010:Journal of Economic Literature 2789:Journal of Economic Literature 2518:"Comments on the Stern Review" 2205:Taylor, J. (3 November 2006). 1962:"Amber alert over green taxes" 1710:Journal of Economic Literature 1569:Journal of Economic Literature 1340: 1136:avoid dangerous climate change 483:Overseas Development Institute 176:The executive summary states: 1: 5458:Shared Socioeconomic Pathways 4993:Climate emergency declaration 3675:Ruddock, J. (19 March 2008). 3532:Spash, C. L. (16 July 2010). 3054:Dasgupta, P. (January 2007). 1382:Garnaut Climate Change Review 1127:Garnaut Climate Change Review 989:in the economics literature. 743:is the social discount rate, 5611:Economics and climate change 5441:IPCC Sixth Assessment Report 4667:Middle East and North Africa 3901:, linked index of resources. 3837:Howarth, R.B. (April 2009). 2568:Tol, R.S.J. G. Yohe (2007). 2516:Cline, W. (5 January 2008). 2047:Ruth Lea (31 October 2006). 2036:. HM Treasury. 6 March 2024. 1353:In an interview at the 2013 1288:Ecological Economic Critique 375:, executive director of the 3946:The Day the Climate Changed 3222:Global Environmental Change 2991:Weitzman, 2007, p. 724 2982:Weitzman, 2007, p. 703 2262:10.1016/j.enpol.2008.12.003 2008:. BBC News. 31 October 2006 1377:Economics of global warming 1153:integrated assessment model 1027:At a seminar held in 2006, 804:economics of global warming 377:International Energy Agency 279:Chancellor of the Exchequer 5637: 5601:2006 in the United Kingdom 5275:Global surface temperature 5166:Popular culture depictions 5078:Ecosystem-based adaptation 4808:Carbon capture and storage 4730:Carbon offsets and credits 3697:Adam, D. (18 April 2008). 3126:Smith, K. (October 2009). 2801:10.1257/002205102320161311 2357:Cambridge University Press 1392:Politics of global warming 1387:Global warming controversy 1125:. The draft report of the 1104:London School of Economics 655: 514:, criticising the Review. 466:, Director-General of the 421:Negative critical response 366:, former President of the 302:Positive critical response 187:(BAU) paths for emissions. 107:London School of Economics 5487:Climate change portal 5474: 5380:Extreme event attribution 5263: 5252: 5003:School Strike for Climate 4971: 4957: 4882:Climate-smart agriculture 4706: 4693: 4266: 4253: 4176: 4165: 4059: 4046: 4029:Climate change adaptation 4024:Climate change mitigation 4019:Effects of climate change 4009: 3998: 3814:10.1007/s10584-008-9433-x 3553:10.1080/13563460903556049 3192:10.1007/s10584-008-9433-x 1743:10 September 2008 at the 1481:Executive summary (short) 1403:Prosperity Without Growth 889:2007. pp. 135–137). 504:Centre for Policy Studies 479:effects of global warming 446:Centre for Policy Studies 266:impacts of climate change 127:impacts of climate change 5390:Global warming potential 5197:International agreements 4844:Preserving and enhancing 4288:Arctic methane emissions 4210:Years in climate change 4117:Greenhouse gas emissions 4014:Causes of climate change 3737:. London. Archived from 3075:10.1177/0027950107077111 2431:. Simon Dietz's homepage 2420:Dietz, S. (2 May 2008). 2317:. London. Archived from 2283:. Monthly Review Press. 2182:. London. Archived from 1843:. Walker Institute. 2006 1037:intergenerational equity 851:Treatment of uncertainty 842:, Humberto Llavador and 815:costly—remain open. The 397:and Economic Advisor to 393:, Former Director of UK 355:British Prime Minister, 346:greenhouse gas emissions 5616:2006 in the environment 5421:Climate change scenario 5073:Disaster risk reduction 4725:Carbon emission trading 4535:U.S. insurance industry 4515:Civilizational collapse 4362:sea surface temperature 3266:. UK Parliament website 2873:Stiglitz, J.E. (2006). 2640:. UK Parliament website 2479:Heal, G. (April 2008). 2147:The Wall Street Journal 1938:. Trades Union Congress 1901:. BBC. 30 October 2006. 1697:Weitzman, M.L. (2007). 1452:. HM Treasury, London. 1246:(Arrow, 2007a) and for 1192:The costs of mitigation 5414:Research and modelling 5098:Nature-based solutions 4918:Nature-based solutions 4860:Carbon dioxide removal 4777:Fossil fuel divestment 4762:Climate risk insurance 4672:Small island countries 4293:Arctic sea ice decline 3317:10.2202/1553-3832.1270 3158:, Climate Policy 10(3) 3001:Weitman M. L. (2007). 2595:(2009–24): 2009–2024. 2574:Working Papers FNU-125 2209:. Cato Institute Blog. 1754:5 October 2010 at the 1341:Stern's later comments 1329: 1318:Response to criticisms 1265: 1097: 1061:and Nordhaus is used. 1022: 997: 917: 837: 821: 763:the rate of growth of 647:Response of economists 571: 542:science correspondent 534: 502:gave a lecture at the 496: 468:Institute of Directors 415:Response of economists 5375:Earth's energy budget 5258:Background and theory 5146:Climate crisis (term) 4818:Fossil fuel phase-out 4712:Economics and finance 4677:by individual country 4619:By country and region 4594:Security and conflict 4589:Psychological impacts 4278:Abrupt climate change 4201:Charles David Keeling 4034:By country and region 3541:New Political Economy 3299:Arrow, K.J. (2007a). 3213:Neumayer, E. (2007). 2108:on 26 September 2007. 1434:on 26 September 2007. 1324: 1209:Pepperdine University 1202:King's College London 1092: 1013: 995: 983:social cost of carbon 912: 833: 826:social cost of carbon 676:e GHG concentration. 517:Environmental writer 438:In an article in the 331:Trades Union Congress 5204:Glasgow Climate Pact 4865:Carbon sequestration 4440:Mass mortality event 3022:10.1257/jel.45.3.703 2902:Sunday Business Post 2055:on 18 November 2007. 1994:on 18 November 2007. 1821:on 10 September 2008 1794:10.1093/oxrep/grn014 1732:10.1257/jel.45.3.703 1581:10.1257/jel.45.3.686 1397:World Energy Outlook 1355:World Economic Forum 1149:Cambridge University 1078:inherent discounting 857:certainty equivalent 715:social discount rate 709:Inherent discounting 585:In his paper on the 553:Jerry Taylor of the 277:On 19 July 2005 the 240:The transition to a 48:Commissioned by 5343:Climate sensitivity 5118:The Adaptation Fund 4574:Infectious diseases 4481:Social and economic 3806:2008ClCh...89..173B 3342:. Project Syndicate 3184:2008ClCh...89..173B 2877:. Project Syndicate 2844:2007SciAm.296b..30S 2831:Scientific American 2760:10.1093/reep/ren012 1966:The Daily Telegraph 1736:This paper is also 1276:Wesleyan University 1238:Nobel prize winner 1224:Stanford University 1170:Columbia University 893:Improved technology 623:The Ecological Rift 619:John Bellamy Foster 604:substitution effect 308:European Commission 122:environmental taxes 5606:Low-carbon economy 4914:(LULUCF and AFOLU) 4886:Forest management 4870:Direct air capture 4835:Sustainable energy 4792:Net zero emissions 4787:Low-carbon economy 4782:Green Climate Fund 4569:Indigenous peoples 4472:Plant biodiversity 4260:Effects and issues 3656:on 15 January 2008 2545:The New York Times 2186:on 30 October 2006 1749:Weitzman's website 1673:on 27 January 2011 1448:Stern, N. (2006). 1307:ecosystem services 1161:Peterson Institute 1142:The Yale Symposium 1053:The New York Times 998: 929:real interest rate 579:The Investigation, 557:, a United States 434:General criticisms 242:low-carbon economy 5532: 5531: 5470: 5469: 5466: 5465: 5405:Radiative forcing 5248: 5247: 5244: 5243: 5068:Adaptive capacity 4953: 4952: 4949: 4948: 4813:Energy transition 4689: 4688: 4685: 4684: 4409:Tropical cyclones 4335:Urban heat island 4249: 4248: 4161: 4160: 4157: 4156: 4122:Carbon accounting 4076:Greenhouse effect 4042: 4041: 3950:10 January 2007, 3938:6 November 2006, 3926:2 November 2006, 3502:. 12 August 2013. 3361:Yohe, G. (2006). 3305:Economist's Voice 2724:(December 2006). 2290:978-1-58367-218-1 1773:Helm, D. (2008). 1699:"A Review of the 1664:unpublished paper 1303:biodiversity loss 1248:Project Syndicate 1244:Economist's Voice 1118:Oxford University 908:Robert Mendelsohn 844:Joaquim Silvestre 786:Tjalling Koopmans 772:, Thomas Sterner, 633:According to the 404:Sir Rod Eddington 237:e may slip away." 185:business-as-usual 87: 86: 16:(Redirected from 5628: 5573: 5572: 5561: 5560: 5549: 5548: 5540: 5520: 5519: 5508: 5507: 5496: 5495: 5485: 5484: 5483: 5448:Paleoclimatology 5265: 5254: 5015:Ecological grief 4998:Climate movement 4973: 4959: 4939:Plant-based diet 4830:Renewable energy 4708: 4695: 4530:Economic impacts 4462:Invasive species 4318:Coastal flooding 4268: 4255: 4191:Svante Arrhenius 4167: 4137:from agriculture 4127:Carbon footprint 4112:Greenhouse gases 4061: 4048: 4000: 3985: 3978: 3971: 3962: 3899:"The Stern gang" 3853: 3851: 3849: 3843: 3833: 3800:(3–4): 173–449. 3780: 3779: 3777: 3775: 3757: 3751: 3750: 3748: 3746: 3741:on 21 April 2008 3721: 3715: 3714: 3712: 3710: 3694: 3688: 3687: 3685: 3683: 3672: 3666: 3665: 3663: 3661: 3652:. 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894: 891: 876: 873: 852: 849: 747:the PTP-rate, 724: 723: 710: 707: 702: 701: 698: 695: 688: 673: 653: 650: 648: 645: 630: 627: 596:rebound effect 555:Cato Institute 524:OpinionJournal 457: 435: 432: 422: 419: 411: 410: 401: 388: 379: 370: 364:Paul Wolfowitz 350:Kyoto Protocol 303: 300: 287:Nicholas Stern 274: 271: 270: 269: 262: 259: 256: 253:carbon finance 245: 238: 234: 230: 224: 219: 209:greenhouse gas 205: 199: 195: 191: 188: 181: 173: 170: 140: 118:market failure 99:Nicholas Stern 85: 84: 79: 75: 74: 71: 67: 66: 64:Nicholas Stern 61: 57: 56: 49: 45: 44: 41: 37: 36: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 5633: 5622: 5619: 5617: 5614: 5612: 5609: 5607: 5604: 5602: 5599: 5597: 5594: 5592: 5589: 5588: 5586: 5576: 5571: 5566: 5564: 5559: 5554: 5552: 5547: 5542: 5538: 5525: 5524: 5515: 5513: 5512: 5503: 5501: 5500: 5491: 5489: 5488: 5477: 5476: 5473: 5459: 5456: 5454: 5451: 5449: 5446: 5442: 5439: 5438: 5437: 5434: 5432: 5429: 5427: 5426:Climate model 5424: 5422: 5419: 5418: 5416: 5412: 5406: 5403: 5401: 5398: 5396: 5393: 5391: 5388: 5386: 5383: 5381: 5378: 5376: 5373: 5371: 5368: 5364: 5361: 5360: 5359: 5358:Cloud forcing 5356: 5354: 5351: 5349: 5346: 5344: 5341: 5339: 5336: 5332: 5329: 5327: 5324: 5322: 5319: 5317: 5314: 5313: 5312: 5309: 5307: 5304: 5303: 5301: 5297: 5291: 5288: 5286: 5283: 5281: 5278: 5276: 5273: 5272: 5270: 5266: 5262: 5255: 5251: 5237: 5234: 5232: 5229: 5225: 5222: 5220: 5217: 5216: 5215: 5212: 5210: 5207: 5205: 5202: 5201: 5199: 5195: 5189: 5186: 5182: 5179: 5177: 5174: 5172: 5169: 5168: 5167: 5164: 5162: 5159: 5157: 5154: 5152: 5149: 5147: 5144: 5142: 5139: 5138: 5136: 5134: 5133:Communication 5130: 5124: 5121: 5119: 5116: 5114: 5113:Vulnerability 5111: 5109: 5106: 5104: 5101: 5099: 5096: 5094: 5091: 5089: 5086: 5084: 5083:Flood control 5081: 5079: 5076: 5074: 5071: 5069: 5066: 5064: 5061: 5060: 5058: 5056: 5052: 5046: 5043: 5041: 5038: 5036: 5033: 5031: 5028: 5026: 5023: 5021: 5018: 5016: 5013: 5011: 5008: 5004: 5001: 5000: 4999: 4996: 4994: 4991: 4989: 4986: 4984: 4981: 4980: 4978: 4974: 4970: 4966: 4960: 4956: 4940: 4937: 4936: 4935: 4932: 4931: 4929: 4925: 4919: 4916: 4913: 4910: 4906: 4905:reforestation 4903: 4901: 4898: 4896: 4893: 4891: 4890:afforestation 4888: 4887: 4885: 4883: 4880: 4878: 4875: 4871: 4868: 4866: 4863: 4862: 4861: 4858: 4856: 4853: 4852: 4850: 4848: 4842: 4836: 4833: 4831: 4828: 4826: 4825:Nuclear power 4823: 4819: 4816: 4815: 4814: 4811: 4809: 4806: 4805: 4803: 4799: 4793: 4790: 4788: 4785: 4783: 4780: 4778: 4775: 4773: 4770: 4768: 4765: 4763: 4760: 4758: 4755: 4753: 4750: 4748: 4745: 4743: 4740: 4736: 4733: 4732: 4731: 4728: 4726: 4723: 4721: 4720:Carbon budget 4718: 4717: 4715: 4713: 4709: 4705: 4701: 4696: 4692: 4678: 4675: 4673: 4670: 4668: 4665: 4663: 4660: 4658: 4655: 4653: 4650: 4648: 4645: 4643: 4640: 4638: 4635: 4633: 4630: 4628: 4625: 4624: 4622: 4620: 4616: 4610: 4607: 4605: 4602: 4600: 4597: 4595: 4592: 4590: 4587: 4585: 4582: 4580: 4577: 4575: 4572: 4570: 4567: 4565: 4562: 4558: 4557:Mental health 4555: 4554: 4553: 4550: 4548: 4545: 4543: 4540: 4536: 4533: 4532: 4531: 4528: 4526: 4523: 4521: 4518: 4516: 4513: 4511: 4508: 4506: 4503: 4499: 4498:United States 4496: 4494: 4491: 4490: 4489: 4486: 4485: 4483: 4479: 4473: 4470: 4468: 4465: 4463: 4460: 4458: 4455: 4453: 4450: 4448: 4445: 4441: 4438: 4437: 4436: 4433: 4432: 4430: 4426: 4420: 4417: 4415: 4412: 4410: 4407: 4405: 4402: 4400: 4397: 4395: 4392: 4390: 4387: 4385: 4382: 4380: 4377: 4373: 4370: 4368: 4365: 4363: 4360: 4358: 4355: 4353: 4352:deoxygenation 4350: 4348: 4347:acidification 4345: 4344: 4343: 4340: 4336: 4333: 4331: 4328: 4327: 4326: 4323: 4319: 4316: 4315: 4314: 4311: 4309: 4306: 4304: 4301: 4299: 4296: 4294: 4291: 4289: 4286: 4284: 4281: 4279: 4276: 4275: 4273: 4269: 4265: 4261: 4256: 4252: 4240: 4237: 4235: 4232: 4230: 4227: 4225: 4222: 4220: 4217: 4215: 4212: 4211: 4209: 4207: 4204: 4202: 4199: 4197: 4194: 4192: 4189: 4187: 4184: 4182: 4179: 4178: 4175: 4168: 4164: 4150: 4147: 4143: 4142:from wetlands 4140: 4138: 4135: 4133: 4130: 4128: 4125: 4123: 4120: 4119: 4118: 4115: 4113: 4110: 4108: 4105: 4103: 4102:Deforestation 4100: 4099: 4097: 4093: 4087: 4084: 4081: 4077: 4074: 4072: 4069: 4068: 4066: 4062: 4058: 4054: 4049: 4045: 4035: 4032: 4030: 4027: 4025: 4022: 4020: 4017: 4015: 4012: 4011: 4008: 4001: 3997: 3993: 3986: 3981: 3979: 3974: 3972: 3967: 3966: 3963: 3957: 3953: 3949: 3947: 3943: 3942: 3937: 3935: 3934:Stern warning 3931: 3930: 3929:The Economist 3925: 3924: 3923: 3922: 3914: 3911: 3910: 3908: 3906: 3903: 3900: 3897: 3895: 3892: 3890: 3887: 3885: 3882: 3880: 3877: 3873: 3870: 3869: 3868: 3865: 3864: 3860: 3855: 3840: 3835: 3831: 3827: 3823: 3819: 3815: 3811: 3807: 3803: 3799: 3795: 3790: 3789: 3785: 3769: 3768: 3763: 3756: 3753: 3740: 3736: 3735: 3730: 3726: 3725:Harvey, Fiona 3720: 3717: 3704: 3700: 3693: 3690: 3678: 3671: 3668: 3655: 3651: 3644: 3641: 3636: 3630: 3614: 3610: 3603: 3596: 3593: 3580: 3576: 3570: 3567: 3562: 3558: 3554: 3550: 3546: 3542: 3535: 3528: 3525: 3518: 3515: 3509: 3506: 3501: 3497: 3491: 3488: 3482: 3479: 3473: 3470: 3464: 3461: 3455: 3452: 3446: 3443: 3437: 3434: 3428: 3425: 3418: 3415: 3409: 3406: 3400: 3398: 3394: 3388: 3385: 3372: 3368: 3364: 3357: 3354: 3341: 3334: 3331: 3326: 3322: 3318: 3314: 3310: 3306: 3302: 3295: 3292: 3287: 3281: 3278: 3265: 3258: 3255: 3243: 3239: 3235: 3231: 3227: 3223: 3216: 3209: 3206: 3201: 3197: 3193: 3189: 3185: 3181: 3177: 3173: 3172: 3164: 3161: 3157: 3144: 3140: 3136: 3129: 3122: 3119: 3106: 3099: 3096: 3084: 3080: 3076: 3072: 3068: 3064: 3057: 3038: 3031: 3028: 3023: 3019: 3015: 3011: 3004: 2997: 2994: 2988: 2985: 2979: 2976: 2972: 2969: 2963: 2960: 2949: 2944: 2939: 2934: 2930: 2926: 2922: 2918: 2911: 2908: 2903: 2899: 2892: 2889: 2876: 2869: 2866: 2861: 2857: 2853: 2849: 2845: 2841: 2837: 2833: 2832: 2824: 2821: 2816: 2810: 2802: 2798: 2794: 2790: 2783: 2780: 2775: 2769: 2761: 2757: 2753: 2749: 2741: 2739: 2735: 2727: 2723: 2717: 2714: 2701: 2697: 2690: 2683: 2681: 2677: 2662: 2655: 2652: 2639: 2632: 2629: 2625: 2620: 2616: 2612: 2608: 2603: 2598: 2594: 2590: 2583: 2580: 2575: 2571: 2564: 2561: 2557: 2546: 2542: 2535: 2532: 2519: 2512: 2509: 2493: 2489: 2482: 2475: 2472: 2456: 2449: 2447: 2443: 2427: 2425: 2416: 2414: 2412: 2410: 2406: 2390: 2389: 2381: 2378: 2362: 2358: 2351: 2349: 2340: 2337: 2333: 2320: 2316: 2315: 2310: 2303: 2301: 2297: 2292: 2286: 2281: 2280: 2271: 2268: 2263: 2259: 2255: 2251: 2250:Energy Policy 2244: 2241: 2228: 2221: 2219: 2217: 2213: 2208: 2201: 2198: 2185: 2181: 2177: 2170: 2167: 2162: 2156: 2153: 2148: 2144: 2137: 2134: 2121: 2115: 2112: 2107: 2103: 2096: 2093: 2089:. ODI Weblog. 2088: 2081: 2078: 2073: 2069: 2062: 2059: 2054: 2050: 2043: 2040: 2032: 2026: 2024: 2020: 2007: 2001: 1998: 1993: 1989: 1983: 1980: 1967: 1963: 1956: 1954: 1950: 1937: 1930: 1927: 1914: 1908: 1905: 1900: 1894: 1892: 1890: 1888: 1886: 1884: 1880: 1875: 1868: 1861: 1859: 1855: 1842: 1836: 1833: 1820: 1816: 1810: 1807: 1795: 1791: 1787: 1783: 1776: 1769: 1767: 1765: 1761: 1757: 1753: 1750: 1746: 1742: 1739: 1733: 1729: 1724: 1719: 1715: 1711: 1704: 1702: 1693: 1691: 1689: 1685: 1669: 1665: 1658: 1651: 1649: 1647: 1645: 1641: 1628: 1621: 1619: 1617: 1613: 1609:(4): 199–225. 1608: 1604: 1597: 1590: 1587: 1582: 1578: 1574: 1570: 1563: 1561: 1557: 1552: 1548: 1541: 1538: 1533: 1532: 1527: 1520: 1518: 1514: 1509: 1502: 1499: 1483: 1482: 1474: 1472: 1468: 1455: 1451: 1444: 1442: 1438: 1433: 1429: 1425: 1418: 1415: 1409: 1405: 1404: 1400: 1398: 1395: 1393: 1390: 1388: 1385: 1383: 1380: 1378: 1375: 1373: 1370: 1368: 1365: 1364: 1360: 1358: 1356: 1351: 1348: 1338: 1335: 1328: 1323: 1317: 1315: 1311: 1308: 1304: 1298: 1294: 1287: 1285: 1277: 1273: 1269: 1264: 1251: 1249: 1245: 1241: 1240:Kenneth Arrow 1233: 1231: 1229: 1225: 1220: 1217: 1213: 1210: 1205: 1203: 1199: 1191: 1189: 1186: 1182: 1177: 1173: 1171: 1165: 1162: 1157: 1154: 1150: 1141: 1139: 1137: 1132: 1128: 1124: 1119: 1115: 1111: 1109: 1105: 1101: 1100:Eric Neumayer 1096: 1091: 1089: 1085: 1081: 1079: 1075: 1072: 1067: 1062: 1058: 1055: 1054: 1050:. Writing in 1049: 1045: 1040: 1038: 1034: 1030: 1025: 1021: 1018: 1012: 1010: 1006: 1002: 994: 990: 988: 984: 980: 976: 972: 970: 969:Jeffrey Sachs 966: 962: 958: 954: 946: 944: 942: 938: 934: 930: 925: 921: 916: 911: 909: 901: 899: 892: 890: 888: 883: 874: 872: 870: 866: 862: 858: 850: 848: 845: 841: 836: 832: 829: 827: 820: 818: 813: 807: 805: 801: 797: 793: 791: 787: 783: 779: 775: 774:William Cline 771: 770:Geoffrey Heal 766: 762: 758: 754: 751:the marginal 750: 746: 742: 735: 732: + 731: 728: = 727: 722: 720: 716: 708: 706: 699: 696: 693: 689: 686: 685: 684: 682: 677: 670: 665: 664:discount rate 659: 651: 646: 644: 638: 637: 628: 626: 624: 620: 616: 611: 609: 608:income effect 605: 601: 597: 592: 588: 583: 580: 576: 570: 565: 563: 560: 556: 551: 548: 545: 544:Ronald Bailey 541: 539: 533: 528: 526: 525: 520: 519:Bjørn Lomborg 515: 513: 509: 505: 501: 495: 490: 488: 484: 480: 476: 471: 469: 465: 461: 454: 451: 447: 443: 442: 433: 431: 428: 427:present value 420: 418: 416: 409: 405: 402: 400: 396: 392: 389: 387: 383: 380: 378: 374: 373:Claude Mandil 371: 369: 365: 362: 361: 360: 358: 353: 351: 347: 343: 338: 336: 332: 327: 325: 321: 317: 313: 309: 301: 299: 295: 293: 288: 284: 280: 272: 267: 263: 260: 257: 254: 250: 246: 243: 239: 228: 220: 217: 213: 212:concentration 210: 206: 203: 200: 196: 192: 189: 186: 182: 179: 178: 177: 169: 167: 163: 159: 155: 151: 146: 144: 136: 131: 128: 123: 119: 114: 112: 108: 104: 100: 96: 92: 83: 80: 76: 72: 68: 65: 62: 58: 54: 50: 46: 42: 38: 33: 30: 19: 5521: 5509: 5497: 5478: 5311:Carbon cycle 5268:Measurements 4963:Society and 4847:carbon sinks 4752:Climate debt 4742:Carbon price 4564:Human rights 4399:Season creep 4357:heat content 4283:Anoxic event 4196:James Hansen 3939: 3927: 3921:In the media 3920: 3919: 3846:. Retrieved 3797: 3793: 3772:. Retrieved 3767:The Guardian 3765: 3755: 3743:. Retrieved 3739:the original 3732: 3719: 3707:. Retrieved 3703:The Guardian 3702: 3692: 3680:. Retrieved 3670: 3658:. Retrieved 3654:the original 3643: 3629:cite journal 3617:. Retrieved 3615:(2): 229–258 3612: 3608: 3595: 3583:. Retrieved 3579:the original 3569: 3544: 3540: 3527: 3517: 3508: 3499: 3490: 3481: 3472: 3463: 3454: 3445: 3436: 3427: 3417: 3408: 3387: 3375:. Retrieved 3370: 3366: 3356: 3344:. Retrieved 3333: 3308: 3304: 3294: 3280: 3268:. Retrieved 3257: 3245:. Retrieved 3225: 3221: 3208: 3175: 3169: 3163: 3146:. Retrieved 3134: 3121: 3109:. Retrieved 3098: 3086:. Retrieved 3066: 3062: 3044:. Retrieved 3030: 3013: 3009: 2996: 2987: 2978: 2973:(4): 233–50. 2970: 2967: 2962: 2928: 2924: 2910: 2901: 2891: 2879:. Retrieved 2868: 2835: 2829: 2823: 2809:cite journal 2792: 2788: 2782: 2768:cite journal 2751: 2747: 2722:Dasgupta, P. 2716: 2704:. Retrieved 2699: 2695: 2667:. Retrieved 2654: 2642:. 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Retrieved 1432:the original 1427: 1417: 1401: 1352: 1344: 1334:Joan Ruddock 1330: 1325: 1321: 1312: 1299: 1295: 1291: 1270: 1266: 1253: 1247: 1243: 1237: 1227: 1221: 1216:Stern Review 1215: 1206: 1195: 1178: 1174: 1166: 1158: 1145: 1131:Ross Garnaut 1112: 1098: 1093: 1084:Terry Barker 1082: 1073: 1063: 1059: 1051: 1041: 1026: 1023: 1016: 1014: 999: 973: 953:Robert Solow 950: 926: 922: 918: 913: 905: 902:Market rates 896: 886: 878: 864: 854: 838: 834: 830: 822: 816: 811: 809: 794: 782:Frank Ramsey 760: 748: 744: 740: 738: 733: 729: 725: 721:(PTP-rate): 712: 703: 678: 661: 636:Sunday Times 634: 632: 622: 612: 606:offsets the 595: 584: 578: 572: 567: 552: 549: 536: 535: 530: 522: 516: 500:Nigel Lawson 497: 492: 472: 462: 455: 439: 437: 424: 414: 412: 391:Adair Turner 382:Kirit Parikh 354: 339: 328: 305: 296: 283:Gordon Brown 276: 249:carbon price 175: 158:John Quiggin 149: 147: 134: 132: 115: 90: 88: 29: 18:Stern report 5563:Environment 5338:Carbon sink 5316:atmospheric 5181:video games 4855:Blue carbon 4488:Agriculture 4467:Marine life 4414:Water cycle 4372:temperature 4107:Fossil fuel 3941:Der Spiegel 3247:5 September 2948:10419/18038 2917:Tol, R.S.J. 2669:5 September 2644:5 September 2190:5 September 2126:5 September 1799:2 September 1510:. BBC News. 1185:distortions 1114:Dieter Helm 975:Richard Tol 961:Amartya Sen 840:John Roemer 778:Brad DeLong 681:consumption 652:Discounting 559:libertarian 342:John Howard 292:HM Treasury 166:Dieter Helm 164:(2007) and 154:Brad DeLong 5585:Categories 5370:Cryosphere 5331:permafrost 5103:Resilience 5055:Adaptation 5030:Litigation 5020:Governance 4965:adaptation 4747:Carbon tax 4700:Mitigation 4637:Antarctica 4525:Disability 3774:27 January 3373:(3): 68–69 3016:(3): 724. 2325:31 January 2229:. BBC News 1460:31 January 1410:References 1198:Paul Ekins 1181:carbon tax 1116:(2008) of 1048:Hal Varian 1046:economist 1031:economist 1009:aggregated 1003:economist 790:Hal Varian 765:per-capita 753:elasticity 656:See also: 562:think-tank 487:think-tank 368:World Bank 357:Tony Blair 324:Greenpeace 273:Background 216:atmosphere 198:scenarios. 70:Media type 5385:Feedbacks 5156:Education 4657:Caribbean 4652:Australia 4579:Migration 4542:Fisheries 4493:Livestock 4419:Wildfires 4325:Heat wave 3822:1573-1480 3682:10 August 3325:154456120 3143:1835-9728 3083:154119493 2914:See also 2881:26 August 2838:(2): 21. 2597:CiteSeerX 1847:26 August 1718:CiteSeerX 1534:. London. 1272:Gary Yohe 1029:Cambridge 510:Treasury 135:per annum 60:Author(s) 40:Presented 5511:Glossary 5499:Category 5321:biologic 5035:Politics 4927:Personal 4632:Americas 4505:Children 4271:Physical 4064:Overview 4004:Overview 3909:Videos: 3830:54026931 3770:. London 3745:28 April 3709:3 August 3705:. 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