Environment Counts | The Economics of Climate Change – Stern Review, World Bank
Author: Rick – Published At: 2011-03-11 09:44 – (780 Reads)
“The scientific evidence is now overwhelming: climate change presents very serious global risks, and it demands an urgent global response.”
“The Review takes an international perspective. Climate change is global in its causes and consequences, and international collective action will be critical in driving an effective, efficient and equitable response on the scale required. This response will require deeper international co-operation in many areas – most notably in creating price signals and markets for carbon, spurring technology research, development and deployment, and promoting adaptation, particularly for developing countries.
“Climate change presents a unique challenge for economics: it is the greatest and widest-ranging market failure ever seen. The economic analysis must therefore be global, deal with long time horizons, have the economics of risk and uncertainty at centre stage, and examine the possibility of major, non-marginal change. To meet these requirements, the Review draws on ideas and techniques from most of the important areas of economics, including many recent advances.”
Follow this link to the full Executive Summary