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Economics of mitigation United Kingdom

October 30, 2006 – Stern Review publshed.

On this day, October 30 in 2006 the Stern Review was published. This had been commissioned by Gordon Brown, the United Kingdom “Chancellor of the Exchequer” (Treasurer) a year previously (see this blog post).

Nick Stern, a World Bank economist who could hardly be accused of being a swivel-eyed Luddite, argued that 

“This Review has assessed a wide range of evidence on the impacts of climate change and on the economic costs, and has used a number of different techniques to assess costs and risks. From all of these perspectives, the evidence gathered by the Review leads to a simple conclusion: the benefits of strong and early action far outweigh the economic costs of not acting.”

[The amount of carbon dioxide in the atmosphere was 379.33ppm. At time of writing it was 421ishppm- but for what it is now,well, see here for the latest.]

The context was this – 

Why this matters. 

We knew. And we knew there was a “business case” for saving life on earth (the very words are bizarre, aren’t they?)

What happened next?

Oh, arguments about the “discount rate” (i.e. Stern was too optimistic)

A variety of “mini-Stern” reports, and for a while everyone using the language. Then nothing.

Fun fact – when Stern visited Australia, Prime Minister John Howard basically dismissed him as “English.”