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The Stern report acknowledges certain potential ethical issues created by standard economic analyses of climate change policies
Brown, Donald A.
Brown, Donald A.
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Abstract
"On October 30, 2006, Sir Nicholas Stern, Head of the United Kingdom Government Economics Service and adviser to the UK government on the economics of climate change and development, issued a report on the economics of climate change that has received world-wide attention. The 700-page report is the most comprehensive economic analyses of climate change yet and is widely being cited for its claim that climate change could push the world into a deep global economic recession. According to the report, the costs of stabilizing climate change, although not trivial, are significantly less than the costs of delay in taking action. The report found that unchecked climate change could lead to losing at least 5 percent of global gross domestic product each year. According the Stern analysis, if we take into consideration the reasonable possibility that there could be unexpected abrupt climate changes, the loss to the global economy could be as much as 20 percent of GDP. Yet, taking action now would cost just 1 percent of global gross domestic product." (p. 1).
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Preprint
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2007-01
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With permission of the license/copyright holder