Eco−friendly economists awarded the Leontief Prize
... cores suggests that human activity has had an significant effect on the climate.
"Our planet is now at the hottest it's been in 800,000 years," Weitzman said. He echoed Stern in
insisting that governments around the world should commit to discovering drastic solutions to
Weitzman spo ...
Letter to Representative Smith 8 July 2014 (opens in new window)
... confidence). Scenarios in which all countries of the world begin mitigation
immediately, there is a single global carbon price, and all key technologies are
available, have been used as a cost-effective benchmark for estimating
macroeconomic mitigation costs. Under these assumptions, mitigation sce ...
... today to save millions or billions of individuals living in the future. The
alternative, a zero discount rate, produces similar absurdities. Suppose
we discover that there is a policy in place that will reduce future output by a small percentage, say 1/100 of a percent, starting in two hundred years ...
For Nicholas Stern, BBVA Foundation Frontiers of Knowledge
... Stern is confident that the technological applications that can bring down
emissions “are already coming through; in agriculture, in transport and as part of
the broader quest for improved energy efficiency,” and maintains that such
technology will spearhead a “new energy and industrial revolution.” ...
Climate Change and the Economy
... What we do now can have only a limited effect on the
climate over the next 40 or 50 years; what we do in the
next 10 or 20 years can have a profound effect on the
climate in the second half of this century and in the next.
By investing 1% of GDP now (the next 10-20 years) we will
avoid losing 20% of ...
Nicholas Stern's CV
... of Economics, heading the India Observatory within the LSE's Asia Research Centre.
From April 2008: Chairman of LSE’s new Grantham Research Institute on Climate
Change and the Environment. He is also Special Adviser to the Group Chairman of
HSBC on Economic Development and Climate Change.
From 2005- ...
full text - A Review of the Universe
... They have announced plans for China to generate 10% of its power from renewable sources and have p
to build more nuclear power reactors.
... energy supply, e.g. wind and nuclear
• Growing new markets for insurance against
losses from extreme weather
• National and global greenhouse gas emissions
... Staying below
at 450ppm CO2
c. 80% cut
Letter from Peter Lilley to Bob Ward, 2 January 2013
... for future rises in consumption which would have the effect of dramatically reducing the
present value of future losses to rich generations1.
Para 14. You object to my description of the Review’s use of the balanced growth
equivalent as a “novel and misleading practice”. It is novel because, even th ...
Calculating the Social Cost of Carbon
... According to the IWG (2010), the SCC is:
“an estimate of the monetized damages associated with an
incremental increase of carbon emissions in a given year”
• includes but is not limited to changes in:
“net agricultural productivity, human health, property damages
from increased flood risk, and the ...
Letter from Bob Ward to Peter Lilley, 22 February 2013
... You then go on to explain the reasoning behind your Parliamentary Question of 29
November 2012, but merely demonstrate your lack of knowledge of modern public
economics. The purpose behind a price on carbon is to create a charge on
greenhouse gas pollution. The intention is that an appropriate price ...
Letter from Bob Ward to Peter Lilley, 14 December 2012
... “Stern draws heavily on non-peer reviewed and alarmist literature to paint an
exaggerated picture of the key risks of global warming”. That is simply an absurd
claim. The references sections at the end of each chapter of the Review show that
the overwhelming majority of citations are to peer-review ...
... warming outweigh the costs of doing nothing. During the last ice age, the average temperature
was just 5 degrees Celsius colder than today, and an additional warming by 5 degrees would be
staggering. It would affect every aspect of the world, and the human species would have to leave
equatorial regi ...
... Conducted at Request of the United States House of
Representatives as part of its “Greening the Capitol Initiative”
(Chicago – November 5, 2007) Chicago Climate Exchange® (CCX®), which launched
its greenhouse gas trading operations in 2003, today announced the results of its auction
of Carbon Financ ...
Assessing Scientific Knowledge about Climate Change
... Assessing Scientific Knowledge about Climate Change
Speaker: Dr David Wratt
Director, NZ Climate Change Centre; Chief Scientist
(Climate), NIWA; Adjunct Professor, Climate Change
Research Institute, VUW.
Work has now begun on the IPCC's Fifth Assessment, due for completion in
2014. This presentation ...
The Economics of Sustainability
... • A situation in which the market system
produces an allocation of resources which
is not Pareto-efficient
• Yawn and What?
• But market failures are very important and
can have very real effects
• Stern: Climate change is the greatest and
widest-ranging market failure ever seen
The Economics of Climate Change
... Even though climate change exists, this does not
necessarily mean we should take action to
reduce it’s impact (reduce GHGs).
Only do something if the benefits > costs
The Stern Review on the Economics of Climate Change is a 700-page report released for the British government on 30 October 2006 by economist Nicholas Stern, chair of the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE. The report discusses the effect of global warming on the world economy. 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.The Review states that climate change is the greatest and widest-ranging market failure ever seen, presenting a unique challenge for economics. The Review provides prescriptions including environmental taxes 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 impacts of climate change 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 increase this to 20% of GDP or more, also indefinitely. Stern believes that 5–6 degrees of temperature increase is ""a real possibility.""The Review proposes that one percent of global GDP per annum 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 CO2e to 2% of GDP to account for faster than expected climate change.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 et al. (2006) describes the Review as ""deeply flawed"". Some economists (such as Brad DeLong and John Quiggin) 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 Martin Weitzman (2007) and Dieter Helm (2008).