News Article September 24, 2013
‘Stern 2’ to review economic costs of tackling climate change
By Pilita Clark, Environment Correspondent
The UK has teamed up with Norway, Sweden and four other nations to launch an $8.9m assessment of the economic costs and benefits of tackling climate change.
In what some are calling “Stern 2.0”, the study is expected to build on the 2006 UK review of the economics of climate change by British economist, Lord Nicholas Stern, who will act as a reviewer of the new work.
The review remains a highly influential work and a contentious one: critics still debate whether it relied on an appropriate “discount rate” for converting future costs into present values.It will be published in September next year, at the same time as the UN secretary-general, Ban Ki-moon, has called a New York summit to encourage progress on 2015 talks in Paris that are supposed to forge a legally binding global climate change agreement.