Stern Review - Knowledge

1303:

non-utilitarian ethics, rights, distributional inequity, poverty, and treatment of future generations. How then can this report, acknowledging so many of those aspects of climate change that render orthodox economic analysis unsuitable for generating policy recommendations, go ahead to conduct a global cost-benefit calculation based on microeconomic theory and make that the foundation for its policy recommendations? Spash has argued that issues are suppressed and sidelined in a careful and methodical manner, with the pretense they have been addressed by 'state of the art' solutions. Meanwhile, the authors maintain allegiance to an economic orthodoxy which perpetuates the dominant political myth that traditional economic growth can be both sustained and answer all our problems. Besides perpetuating myths, this diverts attention away from alternative approaches, away from ethical debates over harming the innocent, the poor and future generations, and away from the fundamental changes needed to tackle the very real and serious problems current economic systems pose for environmental systems. In addition the policy recommendation of carbon trading is seen as deeply flawed for also failing to take account of social, ecological and economic reality.

614:(2010) give considerable attention to the Stern Review, noting that the targets of 550 ppm imply a global temperature increase of at least 3 °C "well beyond what climate science consider dangerous, and which would bring the earth's average global temperature to a height last seen in the middle Pliocene around 3 million years ago" (p. 154). They posit that the basis for such high targets is "economics, pure and simple" (p. 155), that is, stronger emissions cuts were seen by the Stern Review authors as "prohibitive, destabilizing capitalism itself" (p. 155). "All of this signals that any reduction in CO2 equivalent emissions beyond around 1 per cent per year would make it virtually impossible to maintain strong economic growth—the bottom line of the capitalism economy. Consequently, in order to keep the treadmill of accumulation going the world needs to risk environmental Armageddon" (p. 156). 970:, is highly critical of the Stern Review, and has said that "If a student of mine were to hand in this report as a Masters thesis, perhaps if I were in a good mood I would give him a 'D' for diligence; but more likely I would give him an 'F' for fail (Cox and Vadon, 2007). There is a whole range of very basic economics mistakes that somebody who claims to be a Professor of Economics simply should not make. Stern consistently picks the most pessimistic for every choice that one can make. He overestimates through cherry-picking, he double counts particularly the risks and he underestimates what development and adaptation will do to impacts." Tol has referred to the Stern Review as "populist science." In a paper published in 2008, Tol showed that the Stern Review's estimate of the 632:", the Stern report 'misused' disaster analysts research by Robert Muir-Wood, head of research at Risk Management Solutions, a US-based consultancy. The Stern report, citing Muir-Wood, said: "New analysis based on insurance industry data has shown that weather-related catastrophe losses have increased by 2% each year since the 1970s over and above changes in wealth, inflation and population growth/movement. If this trend continued or intensified with rising global temperatures, losses from extreme weather could reach 0.5%–1% of world GDP by the middle of the century." According to Muir-Wood "said his research showed no such thing and accused Stern of "going far beyond what was an acceptable extrapolation of the evidence". 1316:

generations in relation to succeeding generations. It is these two things that are crucial: risk and ethics. Different commentators may vary in their emphasis, but it is the two together that are crucial. Jettison either one and you will have a much reduced programme for action—and if you judge risks to be small and attach little significance to future generations you will not regard global warming as a problem. It is surprising that the earlier economic literature on climate change did not give risk and ethics the attention they so clearly deserve, and it is because we chose to make them central and explicit that we think we were right for the right reasons.

694:

growth and the elasticity of marginal utility, in line with Frank Ramsey's growth model. The Stern Review's average discount rate for climate change damages is approximately 1.4%, which, at the time of the Review, was lower than that used in most previous economic studies on climate change. Accounting for risk in the stochastic framework, however, means the expected mean or certainty equivalent discount rate will be below the discount rate for the mean expected outcome (Dietz, 2008, p. 11). In other words, accounting for risk means a greater weight is applied to worst case outcomes, as per the insurance market.

836:

modelling. Intergenerational justice would require more realistic assumption: one particular view is what they call the "sustainabilitarian" approach, which seeks to maximise present consumption subject to the constraint that future generations enjoy a quality of life at least as good as that enjoyed by the current generation. They support the discount factors used in the Stern analysis, particularly the view that discounting should reflect only the probability that the world will end at a given future date, and not the "impatience" of an infinitely lived representative consumer.)

1028:(via the social discount rate) "cavalierly". Dasgupta (2006, pp. 6–7) accepted the Review's argument for a PTP-rate of 0.1%, but did not accept Stern's choice of 1 for the elasticity of marginal utility. He argued this point by calculating a saving rate of 97.5% based on the Review's values for the PTP-rate and elasticity of marginal utility. Dasgupta stated that " 97.5% savings rate is so patently absurd that we must reject it out of hand." The calculation by Dasgupta was based on a model which had a deterministic economy, constant population, and no technological change. 5564: 1193:(Treasury Committee, 2008) has said that Stern's central mitigation cost estimate is "reasonable", but economists Robert Mendelsohn and Dieter Helm have commented that the estimate is probably too low. According to Mendelsohn, the Stern Review is far too optimistic about mitigation costs, stating that " of the depressing things about the greenhouse gas problem is that the cost of eliminating it is quite high. We will actually have to sacrifice a great deal to cut emissions dramatically" (Mendelsohn, 2007). 442:

Lea questions the long-term economic projections made in the Review, commenting that economic forecasts for just two or three years ahead are usually wrong. Lea goes on to describe the problem of drawing conclusions from combining scientific and economic models as "monumentally complex", and doubts whether the international co-operation on climate change, as argued for in the Review, is really possible. In conclusion, Lea says that the real motive behind the Review is to justify increased tax on fuels.

5552: 5488: 5476: 5512: 5500: 5540: 1099:. Neumayer argued that the real issue is the non-substitutable loss of natural capital, that is to what extent climate change inflicts irreversible and non-substitutable damage to and loss of natural capital. Economists define natural capital as the multiple and various services of nature from which humans benefit- from natural resources to pollution absorption and environmental amenities. 3253:"Minutes of Evidence, taken before the Treasury Committee, Tuesday 23 January 2007. Professor Paul Ekins, Head of Environment Group, Policy Studies Institute. Reply to Question 2. In: Climate change and the Stern Review: the implications for Treasury policy. Produced by the UK House of Commons Treasury Select Committee. The fourth report of the 2007–08 session" 536:

the wealth and superior technologies that could be used to handle whatever comes at them including climate change. So hurrying the process of switching from carbon-based fuels along by boosting energy costs means that humanity will have to delay buying other good things such as clean water, better sanitation, more and better food, and more education."

1257:

elasticity of utility, while in the Review, Stern chose a value of 1. According to Arrow, Stern's recommended stabilisation target passes a cost-benefit test even when considerably higher PTP-rate (up to around 8%) than Stern's (0.1%) is used. Arrow acknowledged that his argument depended on Stern's stabilisation central cost estimate being correct.

982: 1282:

economic commensuration of costs and benefits, the probabilistic approach to uncertainty and the application of a utilitarian intergenerational calculus. Their criticism applies equally to the likes of Nordhaus and Tol. The orthodox economic debate is seen as a distraction from the basic ethical issues e.g. discounting instead of justice.

1346:, Stern said "Looking back, I underestimated the risks. The planet and the atmosphere seem to be absorbing less carbon than we expected, and emissions are rising pretty strongly. Some of the effects are coming through more quickly than we thought then" in the 2006 Review. He now believes we are "on track for something like four degrees". 1294:, or species extinction. Dietz points out that in many Integrated Assessment Models (IAMs), health and ecosystem impacts are not included because the monetary valuation of these impacts is "speculative and uncertain". Dasgupta (2008) also points out most models do not consider natural capital. Although recent studies on 904:

transportation also cannot be justified in the name of future generations. From the perspective of future generations, it is in their interest that all investments earn the same rate of return. The ethical justification for intentionally overspending on selective projects with low rates of return is weak indeed.

348:, stated that the Review demonstrated that scientific evidence of global warming was "overwhelming" and its consequences "disastrous" if the world failed to act. The UK Treasury, which commissioned the report, simultaneously published a document of favourable comments on the Review. Those quoted include: 1338:

and admitted that in the Stern Review, "We underestimated the risks we underestimated the damage associated with temperature increases and we underestimated the probabilities of temperature increases". In June 2008, Stern said that because climate change is happening faster than predicted, the cost

1289:

In conventional cost-benefit analysis, biodiversity and ecosystem services that are not valued as losses are difficult to quantify. Neumayer argues that the real issue is non-substitutable loss of natural capital; to what extent climate change inflicts irreversible and non-substitutable damage to and

1272:

e mitigation target) of around 1.5 to 4.5 °C above pre-industrial temperatures. Significant portions of climate damages would therefore still persist with Stern's mitigation target. To measure the benefit of Stern's mitigation target, the residual climate damages from mitigation would need to be

1176:

and uncertainties in the economy (p. 121). His suggested tax rate was in the range of 25 to 30 dollars per ton of carbon. Stern did not accept Mendelsohn's argument that the Review presented a choice of policy versus no policy. Stern commented that the arguments for his recommended stabilisation

1049:

Smith (2009) responded to Dasgupta's criticism of the Stern Review's implied savings rate. She showed that the rates of PTP and risk aversion in the Stern Review are consistent with saving rates of 25–32% rather than 97.5% when a macroeconomic model with the production function actually used by Stern

1045:

newspaper, Varian commented "Sir Partha's stripped-down model leaves out uncertainty, technological change and population growth, but even so, such a high savings rate is totally implausible." Varian also questioned whether or not it was ethical for the current generation to transfer wealth to future

903:

investments in mitigation that cannot even earn a positive rate of return will be worth far less to future generations than those same dollars invested in the market. Placing climate change before investments in other important nonmarket services such as conservation, health, education, security, and

535:

describes the "destructive character" of the Stern Review's policy proposals, saying that "Surely it is reasonable to argue that if one wants to help future generations deal with climate change, the best policies would be those that encouraged economic growth. This would endow future generations with

118:

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

2320:

LORD STERN'S report on climate change, which underpins government policy, has come under fire from a disaster analyst who says the research he contributed was misused. Robert Muir-Wood, head of research at Risk Management Solutions, a US-based consultancy, said the Stern report misquoted his work to

886:

As far as discounting is concerned, the effects of improved technology work through increased consumption and do not need to be treated separately. However, specification of an optimal response to climate change will depend on assumptions about improvements in technology and the extent to which such

835:

have argued that an analysis of the problem must consider both the ethical and economic issues associated with discounting. They have made the claim that high rates of discounting as the ones proposed by Nordhaus are only consistent with the infinitely-lived-representative-agent approach to economic

582:

matter and need to be taken seriously. Something is surely amiss when such in-depth and comprehensive studies as the Stern(2007) review overlook this topic altogether." This criticism was rejected by the authors. They noted that by recommending a comprehensive global carbon price (see Summary above)

557:

Stern's investment advice makes sense only if you think that warming will hammer GDP by 10% a year. You don't gain much at all from emission cuts, however, if you think GDP will only drop by 5% a year if we do nothing. And if you think warming will only cost the global economy 2% of GDP every year,

441:

on which the Stern Review is based. She says that "authorities on climate science say that the climate system is far too complex for modest reductions in one of the thousands of factors involved in climate change (i.e., carbon emissions) to have a predictable effect in magnitude, or even direction."

1256:

Arrow analysed the Stern Review's conclusions by looking at the Review's central estimate of GHG stabilisation costs of 1% GNP, and high-end climate damages of 20% GNP (Arrow, 2007a, pp. 4–5). As part of the Ramsay formula for the social discount rate, Arrow chose a value of 2 for the marginal

418:

of the costs of climate change, and underestimates the costs of emission reduction. Other critics have argued that the economic cost of the proposals put forward by Stern would be severe, or that the scientific consensus view on global warming, on which Stern relied, is incorrect. By contrast, some

1152:

supported the Review's general conclusions, but was uncomfortable about how most (greater than 90%) of the Review's monetised damages of climate change occur after 2200. Cline noted that the Review's large cost-benefit ratio for mitigation policy allows room for these long-term costs to be reduced

873:

has criticised the Stern Review for parametric choices that, he argues, are inadequately sensitive to inequality. In subsequent debate, Stern has conceded the case for a higher elasticity, but noted that this would call for much more extensive redistribution of income within the current generation

482:

Radical ideas are needed not only at the level of understandings but also of forward strategies. The Stern Review is much stronger on the former than the latter, and leaves a lot of questions unanswered on implementation, particularly the downstream practicalities of bringing avoided deforestation

2612:

Besides these broad insights, a number of specific results emerge as well. First, with a very low discount rate, the social cost of carbon is arbitrary. We know this because the estimate does not converge as the time horizon expands. It follows that assumption about the remote future dominate the

908:

Nordhaus has been very critical of the Ramsey zero pure time preference on the basis of utilitarian ethical stance. He takes a strictly market based view of intergenerational projects arguing that the social rate of time preference reflects the rate of return observed in the marketplace. Nordhaus

1302:

Thus, ecological economist Clive Spash has questioned whether the report is nothing more than an exercise in rhetoric. Spash notes that a range of serious problems challenging economic analysis is raised or mentioned in the report including: strong uncertainty, incommensurability, plural values,

1164:

In response to these talks, Stern accepted Cline's comment about the weighting of future damages, and said that the weighting of these damages could be reduced by the increasing the size of the elasticity of marginal utility in the social discount rate. With regards to criticisms of the discount

693:

Using a high discount rate decreases the assessed benefit of actions designed to reduce greenhouse gas emissions. The Stern Review did not use a single discount rate, but applied a stochastic approach whereby the discount rate varied with the expected outcomes, reflecting the interaction between

1285:

A more fundamental criticism of the Stern report is that it raises a series of problems which it totally fails to address because of its orthodox approach. It simultaneously ignores a range of critical literature from ecological economics and environmental ethics which challenges such orthodox

1281:

The main criticisms cited above concern the details of calculations and modelling choices within an orthodox economic framing of the world and mostly try to argue against substantive greenhouse gas mitigation. Ecological economists accept the need for serious action but reject the reasoning of

1207:

for radically reducing carbon technology and the accompanying calls for immediacy in enacting them makes clear in a further way how utterly impractical the environmentalist program for controlling global warming actually is. The fundamental impracticality of the program, of course, lies in its

812:

The difference between Stern's estimates and those of Nordhaus can largely (though not entirely) be explained by the difference in the PTP-rate. Previous studies by Nordhaus and others have adopted PTP-rates of up to 3 per cent, implying that (other things being equal) an environmental cost or

1267:

noted that Stern's estimates of business-as-usual climate damages were given in terms of per capita consumption equivalents, but Stern's costs of mitigation were given in terms of a percentage reduction in gross world product. Yohe stated that the two different measures are "not really at all

1135:

In 2007, a symposium was held at Yale University on the Stern Review, with talks by several economists, including Nordhaus and Stern (Yale Symposium, 2007). Stern presented the basic conclusions of the Review, and commented on some of the criticisms of it made by other speakers. Chris Hope of

520:

Mr. Stern's core argument that the price of inaction would be extraordinary and the cost of action modest falls apart when one actually reads the 700-page tome. Despite using many good references, the Stern Review on the Economics of Climate Change is selective and its conclusion flawed. Its

803:

s unambiguous conclusions about the need for extreme immediate action will not survive the substitution of assumptions that are more consistent with today's marketplace real interest rates and savings rates. Hence, the central questions about global-warming policy—how much, how fast, and how

1008:

credit for giving readers an authoritative-looking impression that seemingly objective best-available-practice professional economic analysis robustly supports its conclusions, instead of more openly disclosing the full extent to which the Review's radical policy recommendations depend upon

1315:

The case for strong and urgent action set out in the Review is based, first, on the severe risks that the science now identifies (together with the additional uncertainties that it points to but that are difficult to quantify) and, second, on the ethics of the responsibilities of existing

1083:

the Stern Review considers cost-benefit analysis as a marginal analysis inappropriately applied to a non-marginal multi-disciplinary systemic problem (p. 50). Both Stern (p. 163) and the IPCC Reports after 1995 take a multi-criteria approach rather than a narrowly monetary one and question

1247:

emissions is justified, because there remains substantial uncertainty about the extent of the costs of global climate change, and because these costs will be incurred far in the future. However, I believe that Stern's fundamental conclusion is justified: we are much better off reducing

3717: 1320:

Members of the Stern Review team have also given several talks that have covered criticisms of the Review. A talk given by Dimitri Zenghelis at the Tyndall Centre looked at criticisms of the Review and presented an overview of its main findings. In an official letter (2008),

1298:

have made gains in monetising the value of ecosystems, more recent studies on ecosystem services suggest the Stern Review underestimates the need for mitigation action as it is difficult for models to quantify the collapse of ecosystem services under climate change.

322:, was optimistic about the opportunities for industry to meet demands created by investment in technology to combat climate change. The Prince of Wales' Corporate Leaders Group on Climate Change, formed by 14 of UK's leading companies shared this hope. Chairman of 1144:

that was used in the Review. Hope explained what would happen to the Stern Review's damage estimates if they were made using different assumptions, for example, a higher discount rate. Hope also pointed to the assumptions used in the model to do with adaptation.

756:

consumption (Dietz, 2008, p. 10). Stern accepts the case for discounting, but argues that applying a PTP-rate of anything much more than zero to social policy choice is ethically inappropriate. His view is supported by a number of economists, including

912:

Dasgupta argues that there is some confusion in the Stern review about the underlying rationale for the selection of the Ramsey parameters. He states that the review mixes both market returns on investment with parameters selected on ethical grounds.

1268:

comparable". Yohe commented on how the Review gives the impression that all climate damages can be avoided through the investment of 1% of world GDP in mitigation. This, however, would still lead to global warming (as per the Review's 550 ppm CO

1109:

was critical of the Review's analysis but accepted its conclusion of the urgent need to reduce emissions. Helm justified this on the grounds that future damages to the environment would probably not be fully compensated for by increases in man-made

286:

The Stern review was not released for regular peer-review, since the UK Government doesn't undertake peer review on commissioned reviews. Papers were published and presentations held, that outlined the approach in the months preceding the release.

570:

a number of economists and scientists argued that Stern assumptions in the Review are far more pessimistic than those made by most experts in the field, and that the Review's conclusions are at odds with the mainstream view (Cox and Vadon, 2007).

3096:. This version: Website of Hal R. Varian, emeritus professor in the School of Information, the Haas School of Business, and the Department of Economics at the University of California at Berkeley. Also published as a column in the New York Times 868:

With increasing average consumption in future, the marginal utility of consumption will decline. The elasticity of the marginal utility of consumption (part of the social discount rate) may be interpreted as a measure of aversion to inequality.

1156:

Robert Mendelsohn was critical of the way the Stern justified his suggested mitigation policy in the Review. Mendelsohn said that rather than finding an optimal policy, the Review presented a choice of policy versus no-policy. Jeffrey Sachs of

817:, the assumptions that must be made about the remote future are so uncertain that they are essentially arbitrary. Consequently, the assumptions made dominate the results and with a low discount rate the social cost of carbon is also arbitrary. 660:

climate change damages were calculated for a "business-as-usual" greenhouse gas (GHG) emissions pathway. Residual climate change damages (at the margin) were also calculated for other emissions pathways, especially one peaking at 450 ppm

1325:

MP of the UK Government, dismisses the criticisms of the Review made by several economists, which, in her view, show "a fundamental misunderstanding of the role of formal, highly aggregated economic modelling in evaluating a policy issue".

932:. Quiggin says that there is no generally accepted theory accounting for the observed magnitude of the equity premium and hence no easy way of determining which approach, if either, should be regarded as the appropriate market comparator. 278:

to lead a major review of the economics of climate change, to understand more comprehensively the nature of the economic challenges and how they can be met, in the UK and globally. The Stern Review was prepared by a team of economists at

182:

The impacts of climate change are not evenly distributed—the poorest countries and people will suffer earliest and most. And if and when the damages appear it will be too late to reverse the process. Thus we are forced to look a long way

3410:

Spash, C. L. (2007) Problems in economic assessments of climate change with attention to the USA. Frontiers in Environmental Valuation and Policy. J. Erickson and J. Gowdy. Cheltenham, UK/Northampton, MA, USA, Edward Elgar Publishing

459:, said: "Without countries like the US, China or India, making decisive commitments, UK competitiveness will undoubtedly suffer if we act alone. This would be bad for business, bad for the economy and ultimately bad for our climate." 2734:

Mendelsohn, R., T. Sterner, M. Persson and J.P. Weyant (8 July 2008). "Comments on Simon Dietz and Nicholas Stern's Why Economic Analysis Supports Strong Action on Climate Change: A Response to the Stern Review's Critics".

777:, wrote "My view—which I admit may well be wrong—of this knotty problem is that we are impatient in the sense of valuing the present and near-future much more than we value the distant future, but that we shouldn't do so." 1803: 655:

used in the Review. Discounting is used by economists to compare economic impacts occurring at different times. Discounting was used by Stern in his calculation of the possible economic damages of future climate change.

113:

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

1122:

broadly endorsed the approach undertaken by Stern, but concluded, in the light of new information, that Stern had underestimated the severity of the problem and the extent of the cuts in emissions that were required to

1286:

thinking. Stern as an orthodox economist squeezes all matters and concepts into a narrow mathematical formalism which heterodox economists, such as Tony Lawson, point out fails to address economic and social reality.

1057:

of future generations even if they are poorer than the current generation. The social discount rate used by Stern, however, accounts for the possible increased wealth (consumption) of future generations through the

186:

Climate change may initially have small positive effects for a few developed countries, but it is likely to be very damaging for the much higher temperature increases expected by mid-to-late century under BAU

824:

Stern: We are in pretty good company here in that Solow, Sen, Keynes, Ramsey and all kinds of people have adopted the approach to pure time discounting that we have adopted. It is not particularly unusual.

2545:

There is no definitive answer to this question because it is inherently an ethical judgment that requires comparing the well-being of different people: those alive today and those alive in 50 or 100 years.

3510:

Spash, C. L. (2007) Fallacies of economic growth in addressing environmental losses: Human induced climatic change. Newsletter of the Australia New Zealand Society for Ecological Economics (ANZSEE)(May):

578:, which states that improvements in energy-efficiency of technologies can potentially increase greenhouse gas emission, Steve Sorrel concludes with "A prerequisite for all the above is a recognition that 3044: 1000:) assessment of climate change. One of Weitzman's conclusions was that Stern deserved credit for increasing public awareness on the dangers of climate change. However, Weitzman also commented that: 326:

UK, James Smith, expressed the hope of the group that business and Government would discuss how Britain could obtain "first mover advantage" in what he described as "massive new global market".

1219:, 2008). Weyant wrote that his own high short-run cost projection for stabilisation, of possibly 10% GDP, resulted "primarily from institutional pessimism rather than technological pessimism." 909:

also raised his view that the present generation will have to forgo a large amount of consumption now for the benefit of future generations who will be much richer than the present generation.

233:

will bring challenges for competitiveness but also opportunities for growth. Policies to support the development of a range of low-carbon and high-efficiency technologies are required urgently.

126:

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

2469: 1311:

The Stern Review team have responded to criticisms of the Review in a number of papers. In these papers, they reassert their view that early and strong action on climate change is necessary:

149:) 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 2942:

Tol chose to omit two of Stern's SCC estimates. The omitted SCC estimates are both associated with emissions pathways leading to a stabilisation of GHG concentrations: one at 450 ppm CO

1148:

In his talk, Nordhaus criticised the fact that the Stern Review had not been subject to a peer-review, and repeated earlier criticisms of the Review's discount rate. William Cline of the

318:

Asset managers F&C look to the business opportunities and say "this is an unprecedented opportunity to generate real value for our clients". Brendan Barber, General Secretary of the

1161:

questioned some of the assumptions used in Nordhaus's integrated assessment model (DICE) of climate change. Sachs was supportive of Stern's cost estimates of climate change mitigation.

996:

has written a paper on the Stern Review (Weitzman, 2007). In this paper, Weitzman described himself as "skeptical" in regards to the discount rate used by Stern in the Review's formal (

3203: 91: 2383:. Stern Review Report on the Economics of Climate Change (pre-publication edition). Pre-publication PDF edition: HM Treasury. Print version: Cambridge University Press. p. 304 3117:""Saving the World but Saving Too Much? Pure Time Preference and Saving Rates in Integrated Assessment Modelling." Environmental Economics Research Hub Research Report No. 39" 5212: 860:

has argued that standard discounting procedures are inherently incapable of dealing with extreme, low-probability events, such as the risk of catastrophic climate change.

813:

benefit occurring 25 years in the future is worth about half as much as the same benefit today. Richard Tol argues that in estimating discounting rates and the consequent

3666:"House of Commons Deposited Paper DEP2008-0858: Letter from Joan Ruddock MP to Andrew Tyrie MP regarding critiques of the Stern review of the economics of climate change" 2334: 1053:

According to Dietz (2008, pp. 10–11), Varian's analysis had apparently confused the PTP-rate with the social discount rate. The PTP-rate, if positive, discounts the

2410: 1024:

commented on the Stern Review. Dasgupta (2006, p. 1) described the Review as "a long and impressive document", but felt that the authors had treated the issue of

240:, through tax, trading or regulation, is an essential foundation for climate change policy. Creating a broadly similar carbon price signal around the world, and using 539:

Commenting on the Review's suggested increases in environmental tax, the British Chambers of Commerce have pointed to the dangers to business of additional taxation.

5388: 5056: 4513: 1807: 676:

future consumption should be discounted simply because it takes place in the future and people generally prefer the present to the future (inherent discounting)

2037: 179:

Climate change threatens the basic elements of life for people around the world—access to water, food production, health, and use of land and the environment.

5229: 587:. A carbon price imposes a wedge between the supply price received by producers and demand price paid by consumers thereby prompting substitution away from 3501:

Spash, C. L. (2007) The economics of climate change impacts à la Stern: Novel and nuanced or rhetorically restricted?' Ecological Economics 63(4): 706–713.

844:

Uncertainty about future consumption may be addressed either through adjustments to the discount rate or by replacing uncertain flows of consumption with

445:

Yohe and Tol (2007) described Lea's article as a climate sceptics "scattershot approach" aiming to confuse the public by questioning the causal role of CO

4665: 4486: 832: 1729: 1079:

wrote a paper (Barker, 2008) supportive of the Review. Barker was critical of how some economists have applied cost-benefit analysis to climate change:

478:

on international development, argued that the key proposals in relation to how to use forests to tackle climate change may prove difficult to implement:

137:

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

5584: 4660: 2411:"A long-run target for climate policy: the Stern Review and its critics, supporting research for the UK Committee on Climate Change's inaugural report 1645: 928:

for private investment; see the extensive review by Frederick et al. (2002) According to Quiggin, the difference between the two is determined by the

5589: 4528: 3877: 3392:

Funtowicz, S. O. and J. R. Ravetz (1994) The worth of a songbird: Ecological economics as a post-normal science. Ecological Economics 10(3): 197–207.

102:. 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. 2480: 3623: 2803: 2762: 283:; independent academics were involved as consultants only. The scientific content of the Review was reviewed by experts from the Walker Institute. 218:

are around 1% of global GDP, if we start to take strong action now. It would already be very difficult and costly to aim to stabilise at 450ppm CO

2297: 4460: 3855: 1252:

emissions substantially than risking the consequences of failing to act, even if, unlike Stern, one heavily discounts uncertainty and the future.

193:

provides a tool for estimating the total impact on the economy; our estimates suggest that this is likely to be higher than previously suggested.

315:

said "Now the government must act and, among other things, invest in efficient decentralised power stations and tackle the growth of aviation."

3456:

Neumayer (2007) A missed opportunity: the Stern review on climate change fails to tackle the issue of non-substitutable loss of natural capital

895:

Both supporters and opponents of Stern's discount rate have used comparisons with market rates of return on capital to justify their position.

646: 5614: 4169: 3420:

Daily, G. C., P. R. Ehrlich, H. A. Mooney and A. H. Ehrlich (1991) Greenhouse economics: Learn before you leap. Ecological Economics 4: 1–10.

1412: 2164: 247:

Adaptation policy is crucial for dealing with the unavoidable impacts of climate change, but it has been under-emphasised in many countries.

4402: 3934: 820:

In an appearance before the House of Commons Treasury Select Committee (2008), Stern was asked about the discount rate used in the Review:

769:. Cline wrote a book on global warming, published in 1992, where he made similar ethical choices to Stern for discounting. DeLong, echoing 4286: 3860: 1165:

rate, Stern accepted that differences of opinion could exist on his ethical choice for the PTP-rate (Yale Symposium, 2007, p. 118).

997: 419:

argue that the Review emission reduction targets are too weak, and that the climate change damage estimates in the Review are too small.

173: 119:

increase this to 20% of GDP or more, also indefinitely. Stern believes that 5–6 degrees of temperature increase is "a real possibility".

98:(LSE) and also chair of the Centre for Climate Change Economics and Policy (CCCEP) at Leeds University and LSE. The report discusses the 4550: 4503: 3401:

Spash, C. L. (2007) Understanding climate change: Need for new economic thought. Economic and Political Weekly February(10th): 483–490.

1976: 5429: 4545: 4125: 3638: 4760: 4476: 4194: 3971: 3563: 5116: 4905: 4068: 3204:"A Missed Opportunity: The Stern Review on Climate Change Fails to Tackle the Issue of Non-Substitutable Loss of Natural Capital" 1442: 4765: 4728: 4582: 4567: 4481: 4130: 4074: 2349: 1740: 1009:

controversial extreme assumptions and unconventional discount rates that most mainstream economists would consider much too low

967: 496: 495:, briefly criticising the Review and warning of what he called "eco-fundamentalism". In 2008, Lawson gave evidence before the 5604: 5424: 4562: 3902:

The RIBA Trust Annual Lecture: Lord Stern (part of the International Dialogues: Architecture and Climate Change talks series)

2277: 1584: 5446: 4397: 4392: 2476: 1514: 1355: 1084:

cost-benefit analysis. This is one reason for the intemperate response from some traditional economists to the Stern Review

1046:

generations (via investment in mitigation), who, given Stern's assumptions, would be much wealthier than we presently are.

438: 395:, Adviser to the UK Government on the long term links between transport and economic growth, and former chief executive of 300: 3750: 2375: 303:

said "This removes the last refuge of the 'do-nothing' approach on climate change, particularly in the US." Tom Delay of

5594: 4927: 4705: 4523: 4450: 4440: 4423: 4330: 4137: 985:

The Stern Review differed strongly from most other estimates of climate change costs in the economics literature in 2006.

4455: 3157:

Barker, T. (August 2008). "The economics of avoiding dangerous climate change. An editorial essay on The Stern Review".

2056: 414:

The Stern Review has received various critical responses. Some economists have argued that the Review overestimates the

172:

The scientific evidence points to increasing risks of serious, irreversible impacts from climate change associated with

5356: 5217: 5174: 4670: 3144: 2991: 1032: 387: 99: 70: 3901: 2090: 781:

stated that the choice of discount rate was an inherently ethical judgement for which there was no definitive answer.

5283: 5159: 4976: 4174: 3727: 2776:

Frederick, S.W., G. Loewenstein and T. O'Donoghue (2002). "Time Discounting and Time Preference: A Critical Review".

2626: 2321:

suggest a firm link between global warming and the frequency and severity of disasters such as floods and hurricanes.

1360: 1124: 500: 383: 308: 3687: 2237:

Sorrel, Steve (April 2009). "Jevons' Paradox revisited: The evidence for backfire from improved energy efficiency".

2041: 449:, by emphasising the complexity of making economic predictions and by attributing a motive for Stern's conclusions. 5609: 5516: 5154: 5134: 5081: 5033: 4090: 3887: 3252: 2108: 925: 250:

An effective response to climate change will depend on creating the conditions for international collective action.

83: 41: 1168:

Other comments by Stern included what he viewed as confusion over what he had suggested as a possible level for a

5273: 5224: 4650: 4612: 4557: 4022: 1141: 190: 3665: 1950: 521:

fear-mongering arguments have been sensationalized, which is ultimately only likely to make the world worse off.

5341: 4625: 4377: 3872: 3590: 3438:

Spash, C. L. (1993) Economics, ethics, and long-term environmental damages. Environmental Ethics 15(2): 117–132

3429:

Spash, C. L. (1994) Double CO2 and beyond: Benefits, costs and compensation. Ecological Economics 10(1): 27–36.

471: 1215:

commented on how the cost estimate of mitigation used in the Review was based on idealised models (Mendelsohn

5451: 4986: 4518: 3274: 3093: 2529: 1726: 1370: 1335: 1115: 3126:. The Crawford School of Economics and Government, Australian National University, Canberra 0200 Australia. 3031:. Website of Sir Partha Dasgupta FBA FRS, Frank Ramsey Professor Emeritus of Economics, Cambridge university 2678:"Reflections on the Stern Review (1): A Robust Case for Strong Action to Reduce the Risks of Climate Change" 2057:"Stern Review: Implications for Climate Change. Environment: Science and Policy for Sustainable Development" 940:

HM Treasury have issued a document where several economists are quoted praising the Stern Review, including

706:

based on the "Ramsey" formula, which includes a term for inherent discounting, also called the pure rate of

5434: 5106: 4635: 4630: 4535: 4407: 3964: 3351: 2195: 1656: 1185:

Economists have different views over the cost estimates of climate change mitigation given in the Review.

299:

Spokeswoman, said doing nothing is not an option, "we must act now". Simon Retallack of the UK think tank

5599: 4645: 4493: 2075: 1365: 1095:

thought that the Review could have argued for emission reductions based on the non-substitutable loss of

792: 702:

Debate over the Stern Review initially focused on the first of these points. In the Review, Stern used a

365: 267: 5530: 5504: 5268: 5071: 5028: 4801: 4723: 4577: 3867: 3116: 2627:"Climate change and the Stern Review: the implications for Treasury policy. Fourth Report of 2007–2008" 2345: 2307: 1380: 1375: 1092: 95: 3484: 5373: 5048: 5023: 4996: 4958: 4875: 4693: 4540: 4498: 4248: 4017: 4012: 4007: 2677: 1468: 1391: 849: 492: 467: 463: 434: 254: 211: 127: 115: 4888: 2590: 1711: 1339:

to reduce carbon would be even higher, of about 2% of GDP instead of the 1% in the original report.

109:

ever seen, presenting a unique challenge for economics. The Review provides prescriptions including

5383: 5378: 5368: 5309: 5149: 4655: 4620: 4508: 4435: 4276: 4105: 4041: 4002: 1190: 1172:. According to Stern, the tax will not necessarily be the same as the social cost of carbon due to 1025: 334: 244:

to accelerate action in developing countries, are urgent priorities for international co-operation.

2649: 2506: 1420: 5492: 5414: 5324: 5066: 5038: 4718: 4372: 4350: 3957: 3882: 2172: 1290:

loss of natural capital. For example, it would be difficult to quantify the loss of coral reefs,

669: 2886: 1763: 5091: 4911: 4853: 4770: 4755: 4640: 4281: 4227: 4222: 4217: 4212: 4207: 4202: 3522: 2585: 1706: 1476:. Stern Review Report on the Economics of Climate Change (pre-publication edition). HM Treasury 1173: 741: 456: 307:

said "The Review offers a huge business opportunity." Richard Lambert, Director General of the

3883:

Gail Whiteman's findings of economic costs of arctic methane release added to the Stern review

1687: 1439:"Stern Review on The Economics of Climate Change (pre-publication edition). Executive Summary" 5568: 5480: 5126: 5003: 4811: 4266: 4189: 3922: 3617: 2797: 2756: 1197: 1140:

explained how the damage estimates in the Review were calculated. Hope designed the PAGE2002

1059: 971: 929: 814: 319: 3588: 2266: 1980: 1615: 5319: 5197: 4858: 4428: 4355: 3790: 3168: 2828: 2576:

Anthoff, David; Tol, Richard S. J.; Yohe, Gary W (2009). "Discounting for Climate Change".

1385: 1343: 1137: 1017: 896: 845: 703: 652: 3827: 3639:"Beyond Stern: Financing international investment in low carbon technologies and projects" 2926: 2909: 2599: 8: 5336: 5111: 4340: 4335: 3642: 3025: 2955:

Adapted from a portion of Figure 1 in Tol and Yohe (2006) "A Review of the Stern Review"

2863: 2819: 1264: 1212: 1158: 1111: 1013:

According to a paper Weitzman (2007), the Stern Review is "right for the wrong reasons".

745: 668:

There are four main reasons commonly proposed by economists for placing a lower value on

607: 592: 296: 210:"Central estimates of the annual costs of achieving stabilisation between 500 and 550ppm 196:

Emissions have been, and continue to be, driven by economic growth; yet stabilisation of

3794: 3567: 3172: 2832: 2019: 1829: 848:

flows. Stern adopted the latter approach, but was criticised by Tol and Yohe (2006) for

689:

improved technology of the future will make it easier to address global warming concerns

5556: 5164: 5096: 5013: 4863: 4828: 4785: 4780: 4775: 4345: 3814: 3545: 3309: 3226: 3184: 3067: 2714: 2603: 1295: 1149: 1041: 989: 917: 657: 588: 575: 311:, said that a global system of carbon trading is "urgently needed". Charlie Kronick of 230: 142: 2840: 2733: 2613:

results; and since these assumptions are so uncertain, they are essentially arbitrary.

2443: 1901: 1855: 1438: 5398: 5061: 4806: 4572: 4360: 4323: 4110: 4064: 3806: 3328: 3313: 3127: 3071: 2844: 2775: 2273: 1291: 1106: 1054: 774: 392: 333:

responded by announcing that A$ 60 million would be allotted to projects to help cut

323: 3818: 3549: 3275:"Britain's Stern Review on Global Warming: It Could Be Environmentalism's Swan Song" 3230: 3222: 3188: 2607: 2131: 1737: 1556:

Nordhaus, W. D. (2007). "A Review of the Stern Review on the Economics of Climate".

5441: 5008: 4991: 4932: 4823: 4587: 4306: 4179: 4115: 3798: 3537: 3301: 3218: 3176: 3059: 3041:

Dasgupta's comments from this seminar were later published in the following paper:

3006: 2931: 2921: 2836: 2785: 2744: 2595: 2302: 2246: 1778: 1747:, with the alternative title, "The Stern Review of the Economics of Climate Change" 1716: 1565: 957: 921: 784: 762: 758: 680: 304: 3944: 3352:"Some thoughts on the damage estimates presented in the Stern Review—An Editorial" 2215: 1994: 1887: 1496: 1334:

In April 2008 Stern said that the severity of his findings were vindicated by the

507: 295:

The Stern Review attracted positive attention from several sectors. Pia Hansen, a

5393: 5314: 5278: 5207: 5181: 5169: 5086: 5018: 4893: 4750: 4367: 4318: 4296: 3722: 3159: 2710: 2470:"Climate economics: A meta-review and some suggestions. NBER Working Paper 13927" 2263: 1744: 1733: 1096: 1021: 993: 953: 941: 870: 857: 788: 770: 707: 579: 526: 452: 429: 396: 150: 5563: 3589:

Dietz, S., D. Anderson, N. Stern, C. Taylor and D. Zenghelis (April–June 2007).

2413:

Building a Low-Carbon Economy – the UK's Contribution to Tackling Climate Change

2250: 1924: 5544: 5346: 5202: 5144: 5139: 4981: 4870: 4602: 4597: 4592: 4445: 4382: 4120: 4100: 4059: 3980: 2789: 2558: 1200: 1076: 945: 547: 543: 512: 487:

Soon after publication of the Stern Review, former Chancellor of the Exchequer

352: 338: 275: 241: 197: 106: 87: 52: 3802: 3541: 3380:

Spash, C. L. (2002) Greenhouse Economics: Value and Ethics. London, Routledge.

3180: 2149: 887:

improvements will be induced by policies that increase the cost of emissions.

603: 602:

In contrast to those who argued that the Stern Review was too pessimistic or '

5578: 5551: 5419: 5351: 5076: 4898: 4883: 4818: 4713: 3917: 3810: 3131: 3063: 1228: 1211:

In a response to a paper by members of the Stern Review team, John Weyant of

1088: 596: 532: 415: 361: 200: 3845:

Jensen, P.H. and E. Webster (2007), Australian Economic Review 40(2):421–431

3289: 5304: 5101: 4745: 4735: 4387: 4271: 4184: 3755: 3713: 3305: 2848: 2094: 1782: 1519: 1322: 1119: 1072: 624: 488: 466:

Hazard Research Centre said that Stern may have greatly underestimated the

379: 370: 271: 237: 146: 3636: 2748: 2624: 960:. Sachs and Stiglitz have also written favourable articles on the Review. 169:

The benefits of strong, early action on climate change outweigh the costs.

5331: 4848: 4840: 4095: 3929: 3751:"Nicholas Stern: 'I got it wrong on climate change – it's far, far worse" 3010: 2905: 1720: 1569: 1102: 963: 949: 828: 766: 583:

the Stern Review proposed the most powerful mechanism for staunching the

330: 280: 154: 141:(2006) describes the Review as "deeply flawed". Some economists (such as 105:

The Review states that climate change is the greatest and widest-ranging

341:. Much of this funding was directed at the non-renewable coal industry. 5363: 4740: 3781:

Barker, Terry (August 2008). "Special Topic: The Stern Review Debate".

2936: 1186: 1169: 1153:

substantially but still support aggressive action to reduce emissions.

1036: 778: 753: 550: 475: 356: 345: 312: 204: 1203:

has said that "Any serious consideration of the proposals made in the

4313: 2565:. Research Unit Sustainability and Global Change, Hamburg University. 2337:

Climate Change 1995: Economic and Social Dimensions of Climate Change

1260: 402:

Several academic economists are also quoted praising the Review (see

3591:"Right for the Right Reasons: A final rejoinder on the Stern Review" 1902:"Stern message maps out way forward on climate change, says F&C" 1177:

range were included in Chapter 13 of the Review (pp. 124–125).

2091:"The Economics and Politics of Climate Change: An Appeal to Reason" 856:, 2007, pp. 138–139). Whilst critical of Stern's discounting, 3828:"Policy Brief No. 3: Discounting, Uncertainty, and Climate Change" 2374:

Stern, N. "Box 13.3 The social cost of carbon and stabilisation".

1243:

Critics of the Stern Review don't think serious action to limit CO

924:. The higher rates preferred by Stern's critics are closer to the 4291: 3949: 2992:"A Review of The Stern Review on the Economics of Climate Change" 2335:"Intertemporal Equity, Discounting, and Economic Efficiency. In: 2132:"Stern Review. The dodgy numbers behind the latest warming scare" 2109:"House of Commons Treasury Select Committee. Minutes of Evidence" 1515:"Cost of tackling global climate change has doubled, warns Stern" 975: 553:, criticised Stern's conclusion, taking a calculation by himself: 134:

to 2% of GDP to account for faster than expected climate change.

92:

Grantham Research Institute on Climate Change and the Environment

3564:"Stern Team – Additional papers and Presentations by Lord Stern" 5539: 5299: 3637:

Tyndall Centre for Climate Change Research (19 February 2007).

2291: 2289: 1865:. Yale Center for the Study of Globalization. pp. 117–130. 1804:"Background to Stern Review on the Economics of Climate Change" 1534:

Tol, R.S.J. and G.Yohe (2006). "A Review of the Stern Review".

110: 2910:"The Social Cost of Carbon: Trends, Outliers and Catastrophes" 2887:"EU makes grandiose gestures, but climate is all that changes" 2625:

House of Commons Treasury Select Committee (15 January 2008).

2076:"The challenge of putting Stern's prescriptions into practice" 1585:"The Stern Review: A Dual Critique, Part II. Economic Aspects" 1404: 5213:

Cooperative Mechanisms under Article 6 of the Paris Agreement

4301: 3945:

Chrysler Boss says Stern Report is based on dubious economics

3447:

Lawson, T. (1997) Economics & Reality. London, Routledge.

2449:. Yale Center for the Study of Globalization, Yale University 374: 222:

e. If we delay, the opportunity to stabilise at 500–550ppm CO

3748: 3045:"Commentary: The Stern Review's Economics of Climate Change" 3026:"Comments on the Stern Review's Economics of Climate Change" 2715:"Comments on the Stern Review's Economics of Climate Change" 2286: 795:, criticised the Review for its use of a low discount rate: 647:

Economics of climate change mitigation § Discount rates

617: 3893: 1273:

subtracted from Stern's business-as-usual climate damages.

974:(SCC) along a "business-as-usual" emissions pathway was an 899:

of Yale University is a critic of the Review and has said:

160: 3861:

Full text of the Stern Review, archived on Wayback Machine

2264:

John Bellamy Foster, Brett Clark and Richard York (2010).

2061:

Environment Science and Policy for Sustainable Development

1949:

Muspratt, Caroline; Seawright, Stephen (30 October 2006).

1904:(Press release). F&C Asset Management. 30 October 2006 5389:

Illustrative model of greenhouse effect on climate change

3940: 3485:"Climate Impacts on Ecosystems – Climate Change – US EPA" 2509:. Peter G. Peterson Institute for International Economics 1764:"Climate-change policy: why has so little been achieved?" 563: 981: 808:

informs but does not answer these fundamental questions.

679:

consumption levels will be higher in the future, so the

3388: 3386: 2946:

e and the other 550 ppm (p. 2 of this source)

1533: 337:

while reiterating that Australia would not ratify the

5528: 5230:

United Nations Framework Convention on Climate Change

3873:

Economist.zoom: How to value a grandchild, 4 Dec 2006

3124:

Environmental Economics Research Hub Research Reports

2914:

Economics: The Open-Access, Open-Assessment e-Journal

2578:

Economics: The Open-Access, Open-Assessment e-Journal

3383: 3143:

Smith's work is also available as: K.Smith (2010), '

2020:"Comments on the Stern Review by leading economists" 1118:, a similar study conducted in Australia in 2008 by 863: 672:

occurring in the future rather than in the present:

122:

The Review proposes that one per cent of global GDP

3566:. UK Office of Climate Change. 2008. Archived from 3465:

Dietz et al, 2007. Reflections on the Stern Review.

2556: 1830:"Walker Institute contribution to the Stern Review" 1806:. London: HM Treasury. 19 July 2005. Archived from 852:, a claim rejected by the Stern Review team (Dietz 651:One of the issues debated among economists was the 3868:The Economics of Climate Change – The Stern Review 3833:. Economics for Equity and the Environment website 3749:Heather Stewart; Larry Elliott (26 January 2013). 3329:"The Case for Mitigating Greenhouse Gas Emissions" 3250: 3094:"Recalculating the Costs of Global Climate Change" 2817:Sachs, J. (February 2007). "Moving Beyond Kyoto". 2530:"Recalculating the Costs of Global Climate Change" 2268:The Ecological Rift: Capitalism's War on the Earth 2265: 1944: 1942: 1613: 1513:Jowit, Juliette; Wintour, Patrick (26 June 2008). 1410: 1222: 916:The discount rate chosen by Stern is close to the 1948: 1432: 1430: 207:is feasible and consistent with continued growth. 5576: 5430:Intergovernmental Panel on Climate Change (IPCC) 2650:"The ethics of distribution in a warming planet" 2055:Yohe, Gary W.; Tol, Richard S. J. (March 2007). 2014: 2012: 606:', others argued that it did not go far enough. 3856:Full text of the Stern Review, from HM Treasury 2213: 1939: 1849: 1847: 1690:Stern Review on the Economics of Climate Change 1555: 1276: 80:Stern Review on the Economics of Climate Change 24:Stern Review on the Economics of Climate Change 3894:Centre for Climate Change Economics and Policy 3474:Dasgupta, P., 2008. Discounting Climate change 3290:"Global Climate Change: A Challenge to Policy" 2861: 2575: 2441: 2074:Brown, David; Peskett, Leo (5 December 2006). 1685: 1427: 329:On 1 November 2006, Australian Prime Minister 16:2006 report on the economics of climate change 4170:History of climate change policy and politics 3965: 3825: 3712: 2989: 2676:Dietz, S.; et al. (January–March 2007). 2129: 2009: 1882: 1880: 1878: 1876: 1874: 1872: 409: 373:, Member, Planning Commission, Government of 290: 100:effect of global warming on the world economy 71:Effect of global warming on the world economy 3622:: CS1 maint: multiple names: authors list ( 3520: 3326: 3287: 3201: 3091: 3042: 3023: 2802:: CS1 maint: multiple names: authors list ( 2761:: CS1 maint: multiple names: authors list ( 2737:Review of Environmental Economics and Policy 2709: 2671: 2669: 2647: 2404: 2402: 2400: 2398: 2165:"Business sees red over green tax onslaught" 2088: 2073: 1844: 1512: 1467:Stern, N. (2006). "Summary of Conclusions". 4287:Atlantic meridional overturning circulation 3663: 2904: 2729: 2727: 2377:13 Towards a Goal for Climate-Change Policy 2332: 2162: 2093:. Centre for Policy Studies. Archived from 1977:"$ 60m to help cut emissions | NEWS.com.au" 1681: 1679: 1677: 1618:. Grasping Reality with a Sharp Beak (Blog) 1004:in my opinion, Stern deserves a measure of 839: 5511: 5499: 4956: 3972: 3958: 3156: 2214:Cox, S. & R. Vadon (26 January 2007). 2193: 1869: 1639: 1637: 1635: 1633: 1180: 1031:Dasgupta's calculation was later cited by 628:article "Climate change study was 'misused 558:then Stern's investment advice is lunacy. 5585:Climate change assessment and attribution 5251: 5057:Adaptation strategies on the German coast 4195:United Nations Climate Change conferences 3688:"I underestimated the threat, says Stern" 3114: 2935: 2925: 2816: 2675: 2666: 2589: 2504: 2408: 2395: 1710: 1582: 1466: 1462: 1460: 1436: 1329: 1306: 1231:has commented on the Stern Review in the 1066: 1065:(see the formula cited in the section on 635: 618:Stern report misused climate change study 5590:Reports of the United Kingdom government 4761:Co-benefits of climate change mitigation 3685: 3349: 2724: 2467: 2111:. UK Parliament website. 15 January 2008 2035: 1761: 1674: 1609: 1607: 1605: 980: 161:Summary of the Review's main conclusions 5117:National Adaptation Programme of Action 4906:Land use, land-use change, and forestry 3878:Summary of key findings from the report 3742: 3523:"The brave new world of carbon trading" 2437: 2435: 2216:"Running the rule over Stern's numbers" 2054: 1757: 1755: 1753: 1643: 1630: 1614:J. Bradford DeLong (18 December 2006). 1551: 1549: 1508: 1506: 697: 686:future consumption levels are uncertain 683:of additional consumption will be lower 257:if strong collective action starts now. 253:There is still time to avoid the worst 5577: 4766:Economics of climate change mitigation 4729:Gold Standard (carbon offset standard) 4247: 4075:Scientific consensus on climate change 3780: 3251:Treasury Committee (15 January 2008). 3145:Stern, Climate Policy and Saving Rates 2527: 2236: 2209: 2207: 2205: 2038:"Just another excuse for higher taxes" 1922: 1646:"Stern and the critics on discounting" 1494: 1457: 1411:Francis Cairncross (30 October 2006). 1077:Tyndall Centre Climate Change Research 968:Economic and Social Research Institute 881: 791:, who has done several studies on the 439:scientific consensus on climate change 82:is a 700-page report released for the 5425:Coupled Model Intercomparison Project 5250: 4955: 4691: 4246: 4158: 4039: 3991: 3953: 3718:"Stern takes bleaker view on warming" 2927:10.5018/economics-ejournal.ja.2008-25 2600:10.5018/economics-ejournal.ja.2009-24 2373: 2295: 2196:"Global Warming Costs & Benefits" 1853: 1602: 1413:"Time to get Stern on climate change" 1130: 470:. David Brown and Leo Peskett of the 422: 5615:Climate change in the United Kingdom 5447:Representative Concentration Pathway 4393:Tipping points in the climate system 4069:Carbon dioxide in Earth's atmosphere 2559:"The Stern Review: A Deconstruction" 2477:National Bureau of Economic Research 2444:"Yale Symposium on the Stern Review" 2432: 2298:"Climate change study was 'misused'" 1854:Stern, Sir Nicolas (February 2007). 1750: 1546: 1503: 1356:Climate change in the United Kingdom 966:, an environmental economist at the 5218:Nationally determined contributions 4928:Individual action on climate change 4138:World energy supply and consumption 2884: 2864:"A Cool Calculus of Global Warming" 2528:Varian, Hal R. (14 December 2006). 2296:Leake, Jonathan (31 January 2010). 2202: 2152:. Reason Magazine. 3 November 2006. 2040:. London: Telegraph. Archived from 1995:"Climate change fight 'can't wait'" 1923:Barber, Brendan (30 October 2006). 1497:"Report's stark warning on climate" 1196:Professor Emeritus of Economics at 935: 13: 5357:Fixed anvil temperature hypothesis 3979: 3774: 3277:. capitalism.net. 1 November 2006. 3052:National Institute Economic Review 1863:Yale Symposium on the Stern Review 1644:Quiggin, John (20 December 2006). 1495:Peston, Robert (29 October 2006). 610:, Brett Clark and Richard York in 591:activities. This insures that the 433:(2006), Ruth Lea, Director of the 388:Sustainable Development Commission 14: 5626: 5284:Satellite temperature measurement 4889:forestry for carbon sequestration 4175:History of climate change science 3849: 3356:The Integrated Assessment Journal 3327:Arrow, K.J. (10 December 2007b). 3092:Varian, H.R. (14 December 2006). 3024:Dasgupta, P. (12 December 2006). 2841:10.1038/scientificamerican0207-30 2648:Roemer, J.E. (15 December 2008). 2333:Arrow, K.J.; et al. (1995). 2130:Bjørn Lomborg (2 November 2006). 1925:"TUC comment on the Stern review" 1888:"Expert reaction to Stern Review" 1655:. JohnQuiggin.com. Archived from 1445:from the original on 9 March 2010 1361:Avoiding Dangerous Climate Change 864:Future consumption will be higher 384:Confederation of British Industry 309:Confederation of British Industry 5562: 5550: 5538: 5510: 5498: 5487: 5486: 5474: 5135:Climate Change Performance Index 4514:Destruction of cultural heritage 3716:; Pickard, Jim (16 April 2008). 2885:Tol, Richard (27 January 2008). 2442:Yale Symposium (February 2007). 2089:Nigel Lawson (1 November 2006). 1771:Oxford Review of Economic Policy 1208:utterly destructive character." 926:weighted average cost of capital 483:into climate mitigation efforts. 274:announced that he had asked Sir 86:on 30 October 2006 by economist 84:Government of the United Kingdom 42:Government of the United Kingdom 5274:Instrumental temperature record 5225:Sustainable Development Goal 13 3706: 3679: 3657: 3630: 3582: 3556: 3514: 3504: 3495: 3477: 3468: 3459: 3450: 3441: 3432: 3423: 3414: 3404: 3395: 3374: 3343: 3320: 3281: 3267: 3244: 3223:10.1016/j.gloenvcha.2007.04.001 3195: 3150: 3108: 3085: 3017: 2983: 2974: 2965: 2949: 2897: 2878: 2855: 2810: 2769: 2703: 2641: 2618: 2569: 2550: 2521: 2498: 2461: 2367: 2326: 2257: 2230: 2187: 2163:Kollewe, J. (30 October 2006). 2156: 2142: 2123: 2101: 2082: 2067: 2048: 2029: 1987: 1969: 1916: 1894: 1856:"11. Reaction to the Panelists" 1822: 1796: 1583:Byatt, I.; et al. (2006). 1223:Comparison with climate damages 890: 510:criticised the Stern Review in 462:Prof. Bill McGuire of Benfield 191:Integrated assessment modelling 5342:Climate variability and change 4692: 4378:Retreat of glaciers since 1850 2999:Journal of Economic Literature 2778:Journal of Economic Literature 2507:"Comments on the Stern Review" 2194:Taylor, J. (3 November 2006). 1951:"Amber alert over green taxes" 1699:Journal of Economic Literature 1576: 1558:Journal of Economic Literature 1527: 1488: 1125:avoid dangerous climate change 640: 472:Overseas Development Institute 165:The executive summary states: 1: 5452:Shared Socioeconomic Pathways 4987:Climate emergency declaration 3664:Ruddock, J. (19 March 2008). 3521:Spash, C. L. (16 July 2010). 3043:Dasgupta, P. (January 2007). 1398: 1371:Garnaut Climate Change Review 1116:Garnaut Climate Change Review 978:in the economics literature. 732:is the social discount rate, 261: 5605:Economics and climate change 5435:IPCC Sixth Assessment Report 4661:Middle East and North Africa 3992: 3890:, linked index of resources. 3826:Howarth, R.B. (April 2009). 2557:Tol, R.S.J. G. Yohe (2007). 2505:Cline, W. (5 January 2008). 2036:Ruth Lea (31 October 2006). 2025:. HM Treasury. 6 March 2024. 1342:In an interview at the 2013 1277:Ecological Economic Critique 364:, executive director of the 7: 4159: 3935:The Day the Climate Changed 3211:Global Environmental Change 2980:Weitzman, 2007, p. 724 2971:Weitzman, 2007, p. 703 2251:10.1016/j.enpol.2008.12.003 1997:. BBC News. 31 October 2006 1366:Economics of global warming 1349: 1142:integrated assessment model 1016:At a seminar held in 2006, 793:economics of global warming 366:International Energy Agency 268:Chancellor of the Exchequer 10: 5631: 5595:2006 in the United Kingdom 5269:Global surface temperature 5160:Popular culture depictions 5072:Ecosystem-based adaptation 4802:Carbon capture and storage 4724:Carbon offsets and credits 4040: 3686:Adam, D. (18 April 2008). 3115:Smith, K. (October 2009). 2790:10.1257/002205102320161311 2346:Cambridge University Press 1381:Politics of global warming 1376:Global warming controversy 1114:. The draft report of the 1093:London School of Economics 644: 503:, criticising the Review. 455:, Director-General of the 410:Negative critical response 355:, former President of the 291:Positive critical response 176:(BAU) paths for emissions. 96:London School of Economics 5481:Climate change portal 5468: 5407: 5374:Extreme event attribution 5292: 5261: 5257: 5246: 5190: 5125: 5047: 4997:School Strike for Climate 4969: 4965: 4951: 4920: 4876:Climate-smart agriculture 4837: 4794: 4704: 4700: 4687: 4611: 4469: 4416: 4259: 4255: 4242: 4165: 4154: 4083: 4052: 4048: 4035: 4018:Climate change adaptation 4013:Climate change mitigation 4008:Effects of climate change 3998: 3987: 3803:10.1007/s10584-008-9433-x 3542:10.1080/13563460903556049 3181:10.1007/s10584-008-9433-x 1732:10 September 2008 at the 1470:Executive summary (short) 1392:Prosperity Without Growth 878:2007. pp. 135–137). 493:Centre for Policy Studies 468:effects of global warming 435:Centre for Policy Studies 255:impacts of climate change 116:impacts of climate change 66: 58: 48: 36: 28: 23: 5384:Global warming potential 5191:International agreements 4838:Preserving and enhancing 4277:Arctic methane emissions 4199:Years in climate change 4106:Greenhouse gas emissions 4003:Causes of climate change 3726:. London. Archived from 3064:10.1177/0027950107077111 2420:. Simon Dietz's homepage 2409:Dietz, S. (2 May 2008). 2306:. London. Archived from 2272:. Monthly Review Press. 2171:. London. Archived from 1832:. Walker Institute. 2006 1026:intergenerational equity 840:Treatment of uncertainty 831:, Humberto Llavador and 804:costly—remain open. The 386:and Economic Advisor to 382:, Former Director of UK 344:British Prime Minister, 335:greenhouse gas emissions 5610:2006 in the environment 5415:Climate change scenario 5067:Disaster risk reduction 4719:Carbon emission trading 4529:U.S. insurance industry 4504:Civilizational collapse 4351:sea surface temperature 3255:. UK Parliament website 2862:Stiglitz, J.E. (2006). 2629:. UK Parliament website 2468:Heal, G. (April 2008). 2136:The Wall Street Journal 1927:. Trades Union Congress 1890:. BBC. 30 October 2006. 1686:Weitzman, M.L. (2007). 1441:. HM Treasury, London. 1235:(Arrow, 2007a) and for 1181:The costs of mitigation 5408:Research and modelling 5092:Nature-based solutions 4912:Nature-based solutions 4854:Carbon dioxide removal 4771:Fossil fuel divestment 4756:Climate risk insurance 4666:Small island countries 4282:Arctic sea ice decline 3306:10.2202/1553-3832.1270 3147:, Climate Policy 10(3) 2990:Weitman M. L. (2007). 2584:(2009–24): 2009–2024. 2563:Working Papers FNU-125 2198:. Cato Institute Blog. 1743:5 October 2010 at the 1330:Stern's later comments 1318: 1307:Response to criticisms 1254: 1086: 1050:and Nordhaus is used. 1011: 986: 906: 826: 810: 752:the rate of growth of 636:Response of economists 560: 531:science correspondent 523: 491:gave a lecture at the 485: 457:Institute of Directors 404:Response of economists 5369:Earth's energy budget 5252:Background and theory 5140:Climate crisis (term) 4812:Fossil fuel phase-out 4706:Economics and finance 4671:by individual country 4613:By country and region 4588:Security and conflict 4583:Psychological impacts 4267:Abrupt climate change 4190:Charles David Keeling 4023:By country and region 3530:New Political Economy 3288:Arrow, K.J. (2007a). 3202:Neumayer, E. (2007). 2097:on 26 September 2007. 1423:on 26 September 2007. 1313: 1241: 1198:Pepperdine University 1191:King's College London 1081: 1002: 984: 972:social cost of carbon 901: 822: 815:social cost of carbon 797: 665:e GHG concentration. 555: 518: 506:Environmental writer 480: 427:In an article in the 320:Trades Union Congress 5198:Glasgow Climate Pact 4859:Carbon sequestration 4429:Mass mortality event 3011:10.1257/jel.45.3.703 2891:Sunday Business Post 2044:on 18 November 2007. 1983:on 18 November 2007. 1810:on 10 September 2008 1783:10.1093/oxrep/grn014 1721:10.1257/jel.45.3.703 1570:10.1257/jel.45.3.686 1386:World Energy Outlook 1344:World Economic Forum 1138:Cambridge University 1067:inherent discounting 846:certainty equivalent 704:social discount rate 698:Inherent discounting 574:In his paper on the 542:Jerry Taylor of the 266:On 19 July 2005 the 229:The transition to a 37:Commissioned by 5337:Climate sensitivity 5112:The Adaptation Fund 4568:Infectious diseases 4470:Social and economic 3795:2008ClCh...89..173B 3331:. Project Syndicate 3173:2008ClCh...89..173B 2866:. Project Syndicate 2833:2007SciAm.296b..30S 2820:Scientific American 2749:10.1093/reep/ren012 1955:The Daily Telegraph 1725:This paper is also 1265:Wesleyan University 1227:Nobel prize winner 1213:Stanford University 1159:Columbia University 882:Improved technology 612:The Ecological Rift 608:John Bellamy Foster 593:substitution effect 297:European Commission 111:environmental taxes 5600:Low-carbon economy 4908:(LULUCF and AFOLU) 4880:Forest management 4864:Direct air capture 4829:Sustainable energy 4786:Net zero emissions 4781:Low-carbon economy 4776:Green Climate Fund 4563:Indigenous peoples 4461:Plant biodiversity 4249:Effects and issues 3645:on 15 January 2008 2534:The New York Times 2175:on 30 October 2006 1738:Weitzman's website 1662:on 27 January 2011 1437:Stern, N. (2006). 1296:ecosystem services 1150:Peterson Institute 1131:The Yale Symposium 1042:The New York Times 987: 918:real interest rate 568:The Investigation, 546:, a United States 423:General criticisms 231:low-carbon economy 5526: 5525: 5464: 5463: 5460: 5459: 5399:Radiative forcing 5242: 5241: 5238: 5237: 5062:Adaptive capacity 4947: 4946: 4943: 4942: 4807:Energy transition 4683: 4682: 4679: 4678: 4398:Tropical cyclones 4324:Urban heat island 4238: 4237: 4150: 4149: 4146: 4145: 4111:Carbon accounting 4065:Greenhouse effect 4031: 4030: 3939:10 January 2007, 3927:6 November 2006, 3915:2 November 2006, 3491:. 12 August 2013. 3350:Yohe, G. (2006). 3294:Economist's Voice 2713:(December 2006). 2279:978-1-58367-218-1 1762:Helm, D. (2008). 1688:"A Review of the 1653:unpublished paper 1292:biodiversity loss 1237:Project Syndicate 1233:Economist's Voice 1107:Oxford University 897:Robert Mendelsohn 833:Joaquim Silvestre 775:Tjalling Koopmans 761:, Thomas Sterner, 622:According to the 393:Sir Rod Eddington 226:e may slip away." 174:business-as-usual 76: 75: 5622: 5567: 5566: 5555: 5554: 5543: 5542: 5534: 5514: 5513: 5502: 5501: 5490: 5489: 5479: 5478: 5477: 5442:Paleoclimatology 5259: 5258: 5248: 5247: 5009:Ecological grief 4992:Climate movement 4967: 4966: 4953: 4952: 4933:Plant-based diet 4824:Renewable energy 4702: 4701: 4689: 4688: 4524:Economic impacts 4451:Invasive species 4307:Coastal flooding 4257: 4256: 4244: 4243: 4180:Svante Arrhenius 4156: 4155: 4126:from agriculture 4116:Carbon footprint 4101:Greenhouse gases 4050: 4049: 4037: 4036: 3989: 3988: 3974: 3967: 3960: 3951: 3950: 3888:"The Stern gang" 3842: 3840: 3838: 3832: 3822: 3789:(3–4): 173–449. 3769: 3768: 3766: 3764: 3746: 3740: 3739: 3737: 3735: 3730:on 21 April 2008 3710: 3704: 3703: 3701: 3699: 3683: 3677: 3676: 3674: 3672: 3661: 3655: 3654: 3652: 3650: 3641:. Archived from 3634: 3628: 3627: 3621: 3613: 3611: 3609: 3595: 3586: 3580: 3579: 3577: 3575: 3570:on 27 March 2009 3560: 3554: 3553: 3527: 3518: 3512: 3508: 3502: 3499: 3493: 3492: 3481: 3475: 3472: 3466: 3463: 3457: 3454: 3448: 3445: 3439: 3436: 3430: 3427: 3421: 3418: 3412: 3408: 3402: 3399: 3393: 3390: 3381: 3378: 3372: 3371: 3369: 3367: 3347: 3341: 3340: 3338: 3336: 3324: 3318: 3317: 3285: 3279: 3278: 3271: 3265: 3264: 3262: 3260: 3248: 3242: 3241: 3239: 3237: 3217:(3–4): 297–301. 3208: 3199: 3193: 3192: 3167:(3–4): 173–194. 3154: 3148: 3142: 3140: 3138: 3121: 3112: 3106: 3105: 3103: 3101: 3089: 3083: 3082: 3080: 3078: 3049: 3040: 3038: 3036: 3030: 3021: 3015: 3014: 2996: 2987: 2981: 2978: 2972: 2969: 2963: 2953: 2947: 2941: 2939: 2929: 2901: 2895: 2894: 2882: 2876: 2875: 2873: 2871: 2859: 2853: 2852: 2814: 2808: 2807: 2801: 2793: 2773: 2767: 2766: 2760: 2752: 2731: 2722: 2721: 2719: 2707: 2701: 2700: 2698: 2696: 2682: 2673: 2664: 2663: 2661: 2659: 2654: 2645: 2639: 2638: 2636: 2634: 2622: 2616: 2615: 2593: 2573: 2567: 2566: 2554: 2548: 2547: 2542: 2540: 2525: 2519: 2518: 2516: 2514: 2502: 2496: 2495: 2493: 2491: 2485: 2479:. Archived from 2474: 2465: 2459: 2458: 2456: 2454: 2448: 2439: 2430: 2429: 2427: 2425: 2419: 2406: 2393: 2392: 2390: 2388: 2382: 2371: 2365: 2364: 2362: 2360: 2354: 2348:. Archived from 2343: 2330: 2324: 2323: 2317: 2315: 2303:The Sunday Times 2293: 2284: 2283: 2271: 2261: 2255: 2254: 2245:(4): 1456–1469. 2234: 2228: 2227: 2225: 2223: 2211: 2200: 2199: 2191: 2185: 2184: 2182: 2180: 2160: 2154: 2153: 2150:"Stern Measures" 2146: 2140: 2139: 2127: 2121: 2120: 2118: 2116: 2105: 2099: 2098: 2086: 2080: 2079: 2071: 2065: 2064: 2052: 2046: 2045: 2033: 2027: 2026: 2024: 2016: 2007: 2006: 2004: 2002: 1991: 1985: 1984: 1979:. Archived from 1973: 1967: 1966: 1964: 1962: 1946: 1937: 1936: 1934: 1932: 1920: 1914: 1913: 1911: 1909: 1898: 1892: 1891: 1884: 1867: 1866: 1860: 1851: 1842: 1841: 1839: 1837: 1826: 1820: 1819: 1817: 1815: 1800: 1794: 1793: 1791: 1789: 1768: 1759: 1748: 1724: 1714: 1696: 1683: 1672: 1671: 1669: 1667: 1661: 1650: 1641: 1628: 1627: 1625: 1623: 1616:"Do Unto Others" 1611: 1600: 1599: 1589: 1580: 1574: 1573: 1553: 1544: 1543: 1531: 1525: 1524: 1510: 1501: 1500: 1492: 1486: 1485: 1483: 1481: 1475: 1464: 1455: 1454: 1452: 1450: 1434: 1425: 1424: 1419:. Archived from 1408: 1336:2007 IPCC report 1239:(Arrow, 2007b): 936:General comments 922:government bonds 785:William Nordhaus 681:marginal utility 631: 589:carbon-intensive 566:radio programme 501:Select committee 497:House of Commons 437:, questions the 305:The Carbon Trust 44: 21: 20: 5630: 5629: 5625: 5624: 5623: 5621: 5620: 5619: 5575: 5574: 5573: 5561: 5549: 5537: 5529: 5527: 5522: 5475: 5473: 5456: 5403: 5394:Orbital forcing 5288: 5253: 5234: 5208:Paris Agreement 5186: 5182:Warming stripes 5121: 5087:Managed retreat 5082:Loss and damage 5043: 4977:Business action 4961: 4939: 4916: 4839: 4833: 4790: 4751:Climate finance 4696: 4675: 4607: 4465: 4441:Extinction risk 4417:Flora and fauna 4412: 4373:Permafrost thaw 4368:Ozone depletion 4297:Extreme weather 4251: 4234: 4161: 4142: 4079: 4044: 4027: 3994: 3983: 3978: 3852: 3836: 3834: 3830: 3783:Climatic Change 3777: 3775:Further reading 3772: 3762: 3760: 3747: 3743: 3733: 3731: 3723:Financial Times 3711: 3707: 3697: 3695: 3684: 3680: 3670: 3668: 3662: 3658: 3648: 3646: 3635: 3631: 3615: 3614: 3607: 3605: 3598:World Economics 3593: 3587: 3583: 3573: 3571: 3562: 3561: 3557: 3525: 3519: 3515: 3509: 3505: 3500: 3496: 3483: 3482: 3478: 3473: 3469: 3464: 3460: 3455: 3451: 3446: 3442: 3437: 3433: 3428: 3424: 3419: 3415: 3409: 3405: 3400: 3396: 3391: 3384: 3379: 3375: 3365: 3363: 3348: 3344: 3334: 3332: 3325: 3321: 3286: 3282: 3273: 3272: 3268: 3258: 3256: 3249: 3245: 3235: 3233: 3206: 3200: 3196: 3160:Climatic Change 3155: 3151: 3136: 3134: 3119: 3113: 3109: 3099: 3097: 3090: 3086: 3076: 3074: 3047: 3034: 3032: 3028: 3022: 3018: 2994: 2988: 2984: 2979: 2975: 2970: 2966: 2957:World Economics 2954: 2950: 2945: 2902: 2898: 2883: 2879: 2869: 2867: 2860: 2856: 2815: 2811: 2795: 2794: 2774: 2770: 2754: 2753: 2732: 2725: 2717: 2708: 2704: 2694: 2692: 2685:World Economics 2680: 2674: 2667: 2657: 2655: 2652: 2646: 2642: 2632: 2630: 2623: 2619: 2591:10.1.1.434.8421 2574: 2570: 2555: 2551: 2538: 2536: 2526: 2522: 2512: 2510: 2503: 2499: 2489: 2487: 2483: 2472: 2466: 2462: 2452: 2450: 2446: 2440: 2433: 2423: 2421: 2417: 2407: 2396: 2386: 2384: 2380: 2372: 2368: 2358: 2356: 2352: 2341: 2331: 2327: 2313: 2311: 2294: 2287: 2280: 2262: 2258: 2235: 2231: 2221: 2219: 2212: 2203: 2192: 2188: 2178: 2176: 2169:The Independent 2161: 2157: 2148: 2147: 2143: 2128: 2124: 2114: 2112: 2107: 2106: 2102: 2087: 2083: 2072: 2068: 2053: 2049: 2034: 2030: 2022: 2018: 2017: 2010: 2000: 1998: 1993: 1992: 1988: 1975: 1974: 1970: 1960: 1958: 1947: 1940: 1930: 1928: 1921: 1917: 1907: 1905: 1900: 1899: 1895: 1886: 1885: 1870: 1858: 1852: 1845: 1835: 1833: 1828: 1827: 1823: 1813: 1811: 1802: 1801: 1797: 1787: 1785: 1766: 1760: 1751: 1745:Wayback Machine 1734:Wayback Machine 1727:available (PDF) 1712:10.1.1.318.8083 1694: 1684: 1675: 1665: 1663: 1659: 1648: 1642: 1631: 1621: 1619: 1612: 1603: 1592:World Economics 1587: 1581: 1577: 1554: 1547: 1536:World Economics 1532: 1528: 1511: 1504: 1493: 1489: 1479: 1477: 1473: 1465: 1458: 1448: 1446: 1435: 1428: 1409: 1405: 1401: 1352: 1332: 1309: 1279: 1271: 1251: 1246: 1225: 1183: 1133: 1097:natural capital 1022:Partha Dasgupta 994:Martin Weitzman 954:Joseph Stiglitz 938: 893: 884: 871:Partha Dasgupta 866: 858:Martin Weitzman 850:double counting 842: 789:Yale University 726: 725: 708:time preference 700: 664: 649: 643: 638: 629: 620: 580:rebound effects 576:Jevons' Paradox 527:Reason magazine 453:Miles Templeman 448: 430:Daily Telegraph 425: 412: 397:British Airways 293: 264: 236:Establishing a 225: 221: 215: 163: 151:Martin Weitzman 131: 90:, chair of the 40: 32:30 October 2006 17: 12: 11: 5: 5628: 5618: 5617: 5612: 5607: 5602: 5597: 5592: 5587: 5572: 5571: 5569:Global warming 5559: 5547: 5524: 5523: 5521: 5520: 5508: 5496: 5484: 5469: 5466: 5465: 5462: 5461: 5458: 5457: 5455: 5454: 5449: 5444: 5439: 5438: 5437: 5427: 5422: 5417: 5411: 5409: 5405: 5404: 5402: 5401: 5396: 5391: 5386: 5381: 5376: 5371: 5366: 5361: 5360: 5359: 5349: 5347:Cloud feedback 5344: 5339: 5334: 5329: 5328: 5327: 5322: 5317: 5312: 5302: 5296: 5294: 5290: 5289: 5287: 5286: 5281: 5276: 5271: 5265: 5263: 5255: 5254: 5244: 5243: 5240: 5239: 5236: 5235: 5233: 5232: 5227: 5222: 5221: 5220: 5215: 5205: 5203:Kyoto Protocol 5200: 5194: 5192: 5188: 5187: 5185: 5184: 5179: 5178: 5177: 5172: 5167: 5157: 5155:Media coverage 5152: 5147: 5145:Climate spiral 5142: 5137: 5131: 5129: 5123: 5122: 5120: 5119: 5114: 5109: 5104: 5099: 5094: 5089: 5084: 5079: 5074: 5069: 5064: 5059: 5053: 5051: 5045: 5044: 5042: 5041: 5036: 5034:Public opinion 5031: 5026: 5021: 5016: 5011: 5006: 5001: 5000: 4999: 4989: 4984: 4982:Climate action 4979: 4973: 4971: 4963: 4962: 4949: 4948: 4945: 4944: 4941: 4940: 4938: 4937: 4936: 4935: 4924: 4922: 4918: 4917: 4915: 4914: 4909: 4903: 4902: 4901: 4896: 4894:REDD and REDD+ 4891: 4886: 4878: 4873: 4871:Carbon farming 4868: 4867: 4866: 4861: 4851: 4845: 4843: 4835: 4834: 4832: 4831: 4826: 4821: 4816: 4815: 4814: 4804: 4798: 4796: 4792: 4791: 4789: 4788: 4783: 4778: 4773: 4768: 4763: 4758: 4753: 4748: 4743: 4738: 4733: 4732: 4731: 4721: 4716: 4710: 4708: 4698: 4697: 4685: 4684: 4681: 4680: 4677: 4676: 4674: 4673: 4668: 4663: 4658: 4653: 4648: 4643: 4638: 4633: 4628: 4623: 4617: 4615: 4609: 4608: 4606: 4605: 4603:Water security 4600: 4598:Water scarcity 4595: 4593:Urban flooding 4590: 4585: 4580: 4575: 4570: 4565: 4560: 4555: 4554: 4553: 4543: 4538: 4533: 4532: 4531: 4521: 4516: 4511: 4506: 4501: 4496: 4491: 4490: 4489: 4484: 4473: 4471: 4467: 4466: 4464: 4463: 4458: 4453: 4448: 4446:Forest dieback 4443: 4438: 4433: 4432: 4431: 4420: 4418: 4414: 4413: 4411: 4410: 4405: 4400: 4395: 4390: 4385: 4383:Sea level rise 4380: 4375: 4370: 4365: 4364: 4363: 4358: 4356:stratification 4353: 4348: 4343: 4338: 4328: 4327: 4326: 4321: 4311: 4310: 4309: 4299: 4294: 4289: 4284: 4279: 4274: 4269: 4263: 4261: 4253: 4252: 4240: 4239: 4236: 4235: 4233: 4232: 4231: 4230: 4225: 4220: 4215: 4210: 4205: 4197: 4192: 4187: 4182: 4177: 4172: 4166: 4163: 4162: 4152: 4151: 4148: 4147: 4144: 4143: 4141: 4140: 4135: 4134: 4133: 4128: 4123: 4121:Carbon leakage 4118: 4113: 4103: 4098: 4093: 4087: 4085: 4081: 4080: 4078: 4077: 4072: 4062: 4060:Climate system 4056: 4054: 4046: 4045: 4033: 4032: 4029: 4028: 4026: 4025: 4020: 4015: 4010: 4005: 3999: 3996: 3995: 3985: 3984: 3981:Climate change 3977: 3976: 3969: 3962: 3954: 3948: 3947: 3937: 3925: 3907: 3906: 3905: 3904: 3896: 3891: 3885: 3880: 3875: 3870: 3865: 3864: 3863: 3851: 3850:External links 3848: 3847: 3846: 3843: 3823: 3776: 3773: 3771: 3770: 3741: 3705: 3678: 3656: 3629: 3581: 3555: 3536:(2): 169–195. 3513: 3503: 3494: 3476: 3467: 3458: 3449: 3440: 3431: 3422: 3413: 3403: 3394: 3382: 3373: 3342: 3319: 3280: 3266: 3243: 3194: 3149: 3107: 3084: 3016: 2982: 2973: 2964: 2948: 2943: 2920:(2008–25): 1. 2896: 2877: 2854: 2809: 2784:(2): 351–401. 2768: 2743:(2): 309–313. 2723: 2702: 2665: 2640: 2617: 2568: 2549: 2520: 2497: 2486:on 15 May 2011 2460: 2431: 2394: 2366: 2355:on 15 May 2011 2325: 2310:on 29 May 2010 2285: 2278: 2256: 2229: 2201: 2186: 2155: 2141: 2122: 2100: 2081: 2066: 2047: 2028: 2008: 1986: 1968: 1938: 1915: 1893: 1868: 1843: 1821: 1795: 1777:(2): 211–238. 1749: 1705:(3): 703–724. 1673: 1629: 1601: 1575: 1564:(3): 686–702. 1545: 1526: 1502: 1487: 1456: 1426: 1417:The First Post 1402: 1400: 1397: 1396: 1395: 1388: 1383: 1378: 1373: 1368: 1363: 1358: 1351: 1348: 1331: 1328: 1308: 1305: 1278: 1275: 1269: 1249: 1244: 1224: 1221: 1201:George Reisman 1182: 1179: 1132: 1129: 1091:(2007) of the 946:James Mirrlees 937: 934: 930:equity premium 892: 889: 883: 880: 865: 862: 841: 838: 736:the PTP-rate, 713: 712: 699: 696: 691: 690: 687: 684: 677: 662: 642: 639: 637: 634: 619: 616: 585:rebound effect 544:Cato Institute 513:OpinionJournal 446: 424: 421: 411: 408: 400: 399: 390: 377: 368: 359: 353:Paul Wolfowitz 339:Kyoto Protocol 292: 289: 276:Nicholas Stern 263: 260: 259: 258: 251: 248: 245: 242:carbon finance 234: 227: 223: 219: 213: 208: 198:greenhouse gas 194: 188: 184: 180: 177: 170: 162: 159: 129: 107:market failure 88:Nicholas Stern 74: 73: 68: 64: 63: 60: 56: 55: 53:Nicholas Stern 50: 46: 45: 38: 34: 33: 30: 26: 25: 15: 9: 6: 4: 3: 2: 5627: 5616: 5613: 5611: 5608: 5606: 5603: 5601: 5598: 5596: 5593: 5591: 5588: 5586: 5583: 5582: 5580: 5570: 5565: 5560: 5558: 5553: 5548: 5546: 5541: 5536: 5535: 5532: 5519: 5518: 5509: 5507: 5506: 5497: 5495: 5494: 5485: 5483: 5482: 5471: 5470: 5467: 5453: 5450: 5448: 5445: 5443: 5440: 5436: 5433: 5432: 5431: 5428: 5426: 5423: 5421: 5420:Climate model 5418: 5416: 5413: 5412: 5410: 5406: 5400: 5397: 5395: 5392: 5390: 5387: 5385: 5382: 5380: 5377: 5375: 5372: 5370: 5367: 5365: 5362: 5358: 5355: 5354: 5353: 5352:Cloud forcing 5350: 5348: 5345: 5343: 5340: 5338: 5335: 5333: 5330: 5326: 5323: 5321: 5318: 5316: 5313: 5311: 5308: 5307: 5306: 5303: 5301: 5298: 5297: 5295: 5291: 5285: 5282: 5280: 5277: 5275: 5272: 5270: 5267: 5266: 5264: 5260: 5256: 5249: 5245: 5231: 5228: 5226: 5223: 5219: 5216: 5214: 5211: 5210: 5209: 5206: 5204: 5201: 5199: 5196: 5195: 5193: 5189: 5183: 5180: 5176: 5173: 5171: 5168: 5166: 5163: 5162: 5161: 5158: 5156: 5153: 5151: 5148: 5146: 5143: 5141: 5138: 5136: 5133: 5132: 5130: 5128: 5127:Communication 5124: 5118: 5115: 5113: 5110: 5108: 5107:Vulnerability 5105: 5103: 5100: 5098: 5095: 5093: 5090: 5088: 5085: 5083: 5080: 5078: 5077:Flood control 5075: 5073: 5070: 5068: 5065: 5063: 5060: 5058: 5055: 5054: 5052: 5050: 5046: 5040: 5037: 5035: 5032: 5030: 5027: 5025: 5022: 5020: 5017: 5015: 5012: 5010: 5007: 5005: 5002: 4998: 4995: 4994: 4993: 4990: 4988: 4985: 4983: 4980: 4978: 4975: 4974: 4972: 4968: 4964: 4960: 4954: 4950: 4934: 4931: 4930: 4929: 4926: 4925: 4923: 4919: 4913: 4910: 4907: 4904: 4900: 4899:reforestation 4897: 4895: 4892: 4890: 4887: 4885: 4884:afforestation 4882: 4881: 4879: 4877: 4874: 4872: 4869: 4865: 4862: 4860: 4857: 4856: 4855: 4852: 4850: 4847: 4846: 4844: 4842: 4836: 4830: 4827: 4825: 4822: 4820: 4819:Nuclear power 4817: 4813: 4810: 4809: 4808: 4805: 4803: 4800: 4799: 4797: 4793: 4787: 4784: 4782: 4779: 4777: 4774: 4772: 4769: 4767: 4764: 4762: 4759: 4757: 4754: 4752: 4749: 4747: 4744: 4742: 4739: 4737: 4734: 4730: 4727: 4726: 4725: 4722: 4720: 4717: 4715: 4714:Carbon budget 4712: 4711: 4709: 4707: 4703: 4699: 4695: 4690: 4686: 4672: 4669: 4667: 4664: 4662: 4659: 4657: 4654: 4652: 4649: 4647: 4644: 4642: 4639: 4637: 4634: 4632: 4629: 4627: 4624: 4622: 4619: 4618: 4616: 4614: 4610: 4604: 4601: 4599: 4596: 4594: 4591: 4589: 4586: 4584: 4581: 4579: 4576: 4574: 4571: 4569: 4566: 4564: 4561: 4559: 4556: 4552: 4551:Mental health 4549: 4548: 4547: 4544: 4542: 4539: 4537: 4534: 4530: 4527: 4526: 4525: 4522: 4520: 4517: 4515: 4512: 4510: 4507: 4505: 4502: 4500: 4497: 4495: 4492: 4488: 4487:United States 4485: 4483: 4480: 4479: 4478: 4475: 4474: 4472: 4468: 4462: 4459: 4457: 4454: 4452: 4449: 4447: 4444: 4442: 4439: 4437: 4434: 4430: 4427: 4426: 4425: 4422: 4421: 4419: 4415: 4409: 4406: 4404: 4401: 4399: 4396: 4394: 4391: 4389: 4386: 4384: 4381: 4379: 4376: 4374: 4371: 4369: 4366: 4362: 4359: 4357: 4354: 4352: 4349: 4347: 4344: 4342: 4341:deoxygenation 4339: 4337: 4336:acidification 4334: 4333: 4332: 4329: 4325: 4322: 4320: 4317: 4316: 4315: 4312: 4308: 4305: 4304: 4303: 4300: 4298: 4295: 4293: 4290: 4288: 4285: 4283: 4280: 4278: 4275: 4273: 4270: 4268: 4265: 4264: 4262: 4258: 4254: 4250: 4245: 4241: 4229: 4226: 4224: 4221: 4219: 4216: 4214: 4211: 4209: 4206: 4204: 4201: 4200: 4198: 4196: 4193: 4191: 4188: 4186: 4183: 4181: 4178: 4176: 4173: 4171: 4168: 4167: 4164: 4157: 4153: 4139: 4136: 4132: 4131:from wetlands 4129: 4127: 4124: 4122: 4119: 4117: 4114: 4112: 4109: 4108: 4107: 4104: 4102: 4099: 4097: 4094: 4092: 4091:Deforestation 4089: 4088: 4086: 4082: 4076: 4073: 4070: 4066: 4063: 4061: 4058: 4057: 4055: 4051: 4047: 4043: 4038: 4034: 4024: 4021: 4019: 4016: 4014: 4011: 4009: 4006: 4004: 4001: 4000: 3997: 3990: 3986: 3982: 3975: 3970: 3968: 3963: 3961: 3956: 3955: 3952: 3946: 3942: 3938: 3936: 3932: 3931: 3926: 3924: 3923:Stern warning 3920: 3919: 3918:The Economist 3914: 3913: 3912: 3911: 3903: 3900: 3899: 3897: 3895: 3892: 3889: 3886: 3884: 3881: 3879: 3876: 3874: 3871: 3869: 3866: 3862: 3859: 3858: 3857: 3854: 3853: 3844: 3829: 3824: 3820: 3816: 3812: 3808: 3804: 3800: 3796: 3792: 3788: 3784: 3779: 3778: 3758: 3757: 3752: 3745: 3729: 3725: 3724: 3719: 3715: 3714:Harvey, Fiona 3709: 3693: 3689: 3682: 3667: 3660: 3644: 3640: 3633: 3625: 3619: 3603: 3599: 3592: 3585: 3569: 3565: 3559: 3551: 3547: 3543: 3539: 3535: 3531: 3524: 3517: 3507: 3498: 3490: 3486: 3480: 3471: 3462: 3453: 3444: 3435: 3426: 3417: 3407: 3398: 3389: 3387: 3377: 3361: 3357: 3353: 3346: 3330: 3323: 3315: 3311: 3307: 3303: 3299: 3295: 3291: 3284: 3276: 3270: 3254: 3247: 3232: 3228: 3224: 3220: 3216: 3212: 3205: 3198: 3190: 3186: 3182: 3178: 3174: 3170: 3166: 3162: 3161: 3153: 3146: 3133: 3129: 3125: 3118: 3111: 3095: 3088: 3073: 3069: 3065: 3061: 3057: 3053: 3046: 3027: 3020: 3012: 3008: 3004: 3000: 2993: 2986: 2977: 2968: 2961: 2958: 2952: 2938: 2933: 2928: 2923: 2919: 2915: 2911: 2907: 2900: 2892: 2888: 2881: 2865: 2858: 2850: 2846: 2842: 2838: 2834: 2830: 2826: 2822: 2821: 2813: 2805: 2799: 2791: 2787: 2783: 2779: 2772: 2764: 2758: 2750: 2746: 2742: 2738: 2730: 2728: 2716: 2712: 2706: 2690: 2686: 2679: 2672: 2670: 2651: 2644: 2628: 2621: 2614: 2609: 2605: 2601: 2597: 2592: 2587: 2583: 2579: 2572: 2564: 2560: 2553: 2546: 2535: 2531: 2524: 2508: 2501: 2482: 2478: 2471: 2464: 2445: 2438: 2436: 2416: 2414: 2405: 2403: 2401: 2399: 2379: 2378: 2370: 2351: 2347: 2340: 2338: 2329: 2322: 2309: 2305: 2304: 2299: 2292: 2290: 2281: 2275: 2270: 2269: 2260: 2252: 2248: 2244: 2240: 2239:Energy Policy 2233: 2217: 2210: 2208: 2206: 2197: 2190: 2174: 2170: 2166: 2159: 2151: 2145: 2137: 2133: 2126: 2110: 2104: 2096: 2092: 2085: 2078:. ODI Weblog. 2077: 2070: 2062: 2058: 2051: 2043: 2039: 2032: 2021: 2015: 2013: 1996: 1990: 1982: 1978: 1972: 1956: 1952: 1945: 1943: 1926: 1919: 1903: 1897: 1889: 1883: 1881: 1879: 1877: 1875: 1873: 1864: 1857: 1850: 1848: 1831: 1825: 1809: 1805: 1799: 1784: 1780: 1776: 1772: 1765: 1758: 1756: 1754: 1746: 1742: 1739: 1735: 1731: 1728: 1722: 1718: 1713: 1708: 1704: 1700: 1693: 1691: 1682: 1680: 1678: 1658: 1654: 1647: 1640: 1638: 1636: 1634: 1617: 1610: 1608: 1606: 1598:(4): 199–225. 1597: 1593: 1586: 1579: 1571: 1567: 1563: 1559: 1552: 1550: 1541: 1537: 1530: 1522: 1521: 1516: 1509: 1507: 1498: 1491: 1472: 1471: 1463: 1461: 1444: 1440: 1433: 1431: 1422: 1418: 1414: 1407: 1403: 1394: 1393: 1389: 1387: 1384: 1382: 1379: 1377: 1374: 1372: 1369: 1367: 1364: 1362: 1359: 1357: 1354: 1353: 1347: 1345: 1340: 1337: 1327: 1324: 1317: 1312: 1304: 1300: 1297: 1293: 1287: 1283: 1274: 1266: 1262: 1258: 1253: 1240: 1238: 1234: 1230: 1229:Kenneth Arrow 1220: 1218: 1214: 1209: 1206: 1202: 1199: 1194: 1192: 1188: 1178: 1175: 1171: 1166: 1162: 1160: 1154: 1151: 1146: 1143: 1139: 1128: 1126: 1121: 1117: 1113: 1108: 1104: 1100: 1098: 1094: 1090: 1089:Eric Neumayer 1085: 1080: 1078: 1074: 1070: 1068: 1064: 1061: 1056: 1051: 1047: 1044: 1043: 1039:. Writing in 1038: 1034: 1029: 1027: 1023: 1019: 1014: 1010: 1007: 1001: 999: 995: 991: 983: 979: 977: 973: 969: 965: 961: 959: 958:Jeffrey Sachs 955: 951: 947: 943: 933: 931: 927: 923: 919: 914: 910: 905: 900: 898: 888: 879: 877: 872: 861: 859: 855: 851: 847: 837: 834: 830: 825: 821: 818: 816: 809: 807: 802: 796: 794: 790: 786: 782: 780: 776: 772: 768: 764: 763:William Cline 760: 759:Geoffrey Heal 755: 751: 747: 743: 740:the marginal 739: 735: 731: 724: 721: + 720: 717: = 716: 711: 709: 705: 695: 688: 685: 682: 678: 675: 674: 673: 671: 666: 659: 654: 653:discount rate 648: 633: 627: 626: 615: 613: 609: 605: 600: 598: 597:income effect 594: 590: 586: 581: 577: 572: 569: 565: 559: 554: 552: 549: 545: 540: 537: 534: 533:Ronald Bailey 530: 528: 522: 517: 515: 514: 509: 508:Bjørn Lomborg 504: 502: 498: 494: 490: 484: 479: 477: 473: 469: 465: 460: 458: 454: 450: 443: 440: 436: 432: 431: 420: 417: 416:present value 407: 405: 398: 394: 391: 389: 385: 381: 378: 376: 372: 369: 367: 363: 362:Claude Mandil 360: 358: 354: 351: 350: 349: 347: 342: 340: 336: 332: 327: 325: 321: 316: 314: 310: 306: 302: 298: 288: 284: 282: 277: 273: 269: 256: 252: 249: 246: 243: 239: 235: 232: 228: 217: 209: 206: 202: 201:concentration 199: 195: 192: 189: 185: 181: 178: 175: 171: 168: 167: 166: 158: 156: 152: 148: 144: 140: 135: 133: 125: 120: 117: 112: 108: 103: 101: 97: 93: 89: 85: 81: 72: 69: 65: 61: 57: 54: 51: 47: 43: 39: 35: 31: 27: 22: 19: 5515: 5503: 5491: 5472: 5305:Carbon cycle 5262:Measurements 4957:Society and 4841:carbon sinks 4746:Climate debt 4736:Carbon price 4558:Human rights 4388:Season creep 4346:heat content 4272:Anoxic event 4185:James Hansen 3928: 3916: 3910:In the media 3909: 3908: 3835:. Retrieved 3786: 3782: 3761:. Retrieved 3756:The Guardian 3754: 3744: 3732:. Retrieved 3728:the original 3721: 3708: 3696:. Retrieved 3692:The Guardian 3691: 3681: 3669:. Retrieved 3659: 3647:. Retrieved 3643:the original 3632: 3618:cite journal 3606:. Retrieved 3604:(2): 229–258 3601: 3597: 3584: 3572:. Retrieved 3568:the original 3558: 3533: 3529: 3516: 3506: 3497: 3488: 3479: 3470: 3461: 3452: 3443: 3434: 3425: 3416: 3406: 3397: 3376: 3364:. Retrieved 3359: 3355: 3345: 3333:. Retrieved 3322: 3297: 3293: 3283: 3269: 3257:. Retrieved 3246: 3234:. Retrieved 3214: 3210: 3197: 3164: 3158: 3152: 3135:. Retrieved 3123: 3110: 3098:. Retrieved 3087: 3075:. Retrieved 3055: 3051: 3033:. Retrieved 3019: 3002: 2998: 2985: 2976: 2967: 2962:(4): 233–50. 2959: 2956: 2951: 2917: 2913: 2899: 2890: 2880: 2868:. Retrieved 2857: 2824: 2818: 2812: 2798:cite journal 2781: 2777: 2771: 2757:cite journal 2740: 2736: 2711:Dasgupta, P. 2705: 2693:. Retrieved 2688: 2684: 2656:. Retrieved 2643: 2631:. Retrieved 2620: 2611: 2581: 2577: 2571: 2562: 2552: 2544: 2537:. Retrieved 2533: 2523: 2511:. Retrieved 2500: 2488:. Retrieved 2481:the original 2463: 2451:. Retrieved 2422:. Retrieved 2412: 2385:. Retrieved 2376: 2369: 2357:. Retrieved 2350:the original 2336: 2328: 2319: 2312:. Retrieved 2308:the original 2301: 2267: 2259: 2242: 2238: 2232: 2220:. Retrieved 2189: 2177:. Retrieved 2173:the original 2168: 2158: 2144: 2135: 2125: 2113:. Retrieved 2103: 2095:the original 2084: 2069: 2060: 2050: 2042:the original 2031: 1999:. Retrieved 1989: 1981:the original 1971: 1959:. Retrieved 1954: 1929:. Retrieved 1918: 1906:. Retrieved 1896: 1862: 1834:. Retrieved 1824: 1812:. Retrieved 1808:the original 1798: 1786:. Retrieved 1774: 1770: 1702: 1698: 1689: 1664:. Retrieved 1657:the original 1652: 1620:. Retrieved 1595: 1591: 1578: 1561: 1557: 1542:(4): 233–50. 1539: 1535: 1529: 1520:The Guardian 1518: 1490: 1478:. Retrieved 1469: 1447:. Retrieved 1421:the original 1416: 1406: 1390: 1341: 1333: 1323:Joan Ruddock 1319: 1314: 1310: 1301: 1288: 1284: 1280: 1259: 1255: 1242: 1236: 1232: 1226: 1216: 1210: 1205:Stern Review 1204: 1195: 1184: 1167: 1163: 1155: 1147: 1134: 1120:Ross Garnaut 1101: 1087: 1082: 1073:Terry Barker 1071: 1062: 1052: 1048: 1040: 1030: 1015: 1012: 1005: 1003: 988: 962: 942:Robert Solow 939: 915: 911: 907: 902: 894: 891:Market rates 885: 875: 867: 853: 843: 827: 823: 819: 811: 805: 800: 798: 783: 771:Frank Ramsey 749: 737: 733: 729: 727: 722: 718: 714: 710:(PTP-rate): 701: 692: 667: 650: 625:Sunday Times 623: 621: 611: 601: 595:offsets the 584: 573: 567: 561: 556: 541: 538: 525: 524: 519: 511: 505: 489:Nigel Lawson 486: 481: 461: 451: 444: 428: 426: 413: 403: 401: 380:Adair Turner 371:Kirit Parikh 343: 328: 317: 294: 285: 272:Gordon Brown 265: 238:carbon price 164: 147:John Quiggin 138: 136: 123: 121: 104: 79: 77: 18: 5557:Environment 5332:Carbon sink 5310:atmospheric 5175:video games 4849:Blue carbon 4477:Agriculture 4456:Marine life 4403:Water cycle 4361:temperature 4096:Fossil fuel 3930:Der Spiegel 3236:5 September 2937:10419/18038 2906:Tol, R.S.J. 2658:5 September 2633:5 September 2179:5 September 2115:5 September 1788:2 September 1499:. BBC News. 1174:distortions 1103:Dieter Helm 964:Richard Tol 950:Amartya Sen 829:John Roemer 767:Brad DeLong 670:consumption 641:Discounting 548:libertarian 331:John Howard 281:HM Treasury 155:Dieter Helm 153:(2007) and 143:Brad DeLong 5579:Categories 5364:Cryosphere 5325:permafrost 5097:Resilience 5049:Adaptation 5024:Litigation 5014:Governance 4959:adaptation 4741:Carbon tax 4694:Mitigation 4631:Antarctica 4519:Disability 3763:27 January 3362:(3): 68–69 3005:(3): 724. 2314:31 January 2218:. BBC News 1449:31 January 1399:References 1187:Paul Ekins 1170:carbon tax 1105:(2008) of 1037:Hal Varian 1035:economist 1020:economist 998:aggregated 992:economist 779:Hal Varian 754:per-capita 742:elasticity 645:See also: 551:think-tank 476:think-tank 357:World Bank 346:Tony Blair 313:Greenpeace 262:Background 205:atmosphere 187:scenarios. 59:Media type 5379:Feedbacks 5150:Education 4651:Caribbean 4646:Australia 4573:Migration 4536:Fisheries 4482:Livestock 4408:Wildfires 4314:Heat wave 3811:1573-1480 3671:10 August 3314:154456120 3132:1835-9728 3072:154119493 2903:See also 2870:26 August 2827:(2): 21. 2586:CiteSeerX 1836:26 August 1707:CiteSeerX 1523:. London. 1261:Gary Yohe 1018:Cambridge 499:Treasury 124:per annum 49:Author(s) 29:Presented 5505:Glossary 5493:Category 5315:biologic 5029:Politics 4921:Personal 4626:Americas 4494:Children 4260:Physical 4053:Overview 3993:Overview 3898:Videos: 3819:54026931 3759:. London 3734:28 April 3698:3 August 3694:. London 3550:44071002 3366:18 April 3335:20 April 3231:54757696 3189:54026931 2908:(2008). 2849:17367017 2608:31481621 2001:28 April 1957:. London 1931:20 April 1908:28 April 1814:28 April 1741:Archived 1730:Archived 1480:28 April 1443:Archived 1350:See also 1033:Berkeley 723:η g 658:Marginal 604:alarmist 157:(2008). 5545:Economy 5531:Portals 5320:oceanic 5170:fiction 5019:Justice 4970:Society 4578:Poverty 4292:Drought 4160:History 4084:Sources 3791:Bibcode 3489:epa.gov 3259:11 June 3169:Bibcode 3058:: 4–7. 2829:Bibcode 2695:10 June 2222:11 June 1666:7 March 1622:7 March 1112:capital 1075:of the 1060:product 1055:welfare 990:Harvard 976:outlier 874:(Dietz 801:Review' 746:utility 562:In the 474:, a UK 203:in the 94:at the 67:Subject 5300:Albedo 5293:Theory 5004:Denial 4795:Energy 4656:Europe 4636:Arctic 4621:Africa 4546:Health 4541:Gender 4499:Cities 4424:Biomes 4331:Oceans 4319:Marine 4042:Causes 3837:20 May 3817: 3809: 3649:14 May 3608:14 May 3574:14 May 3548: 3312: 3229: 3187: 3130: 3070: 2847: 2606: 2588: 2539:11 May 2513:20 May 2490:20 May 2475:. The 2453:14 May 2424:14 May 2359:14 May 2276: 1961:11 May 1709: 1217:et al. 956:, and 876:et al. 854:et al. 806:Review 765:, and 748:, and 728:where 183:ahead. 139:et al. 62:Report 5517:Index 5279:Proxy 5039:Women 4509:Crime 4436:Birds 4302:Flood 3831:(PDF) 3815:S2CID 3594:(PDF) 3546:S2CID 3526:(PDF) 3310:S2CID 3300:(3). 3227:S2CID 3207:(PDF) 3185:S2CID 3137:9 May 3120:(PDF) 3100:9 May 3077:9 May 3068:S2CID 3048:(PDF) 3035:9 May 3029:(PDF) 2995:(PDF) 2718:(PDF) 2681:(PDF) 2653:(PDF) 2604:S2CID 2484:(PDF) 2473:(PDF) 2447:(PDF) 2418:(PDF) 2387:5 May 2381:(PDF) 2353:(PDF) 2342:(PDF) 2063:: 37. 2023:(PDF) 1859:(PDF) 1767:(PDF) 1736:from 1695:(PDF) 1660:(PDF) 1649:(PDF) 1588:(PDF) 1474:(PDF) 787:, of 375:India 324:Shell 5102:Risk 4641:Asia 4228:2024 4223:2023 4218:2022 4213:2021 4208:2020 4203:2019 3839:2009 3807:ISSN 3765:2013 3736:2011 3700:2009 3673:2020 3651:2009 3624:link 3610:2009 3576:2009 3511:2–4. 3411:Ltd. 3368:2011 3337:2011 3261:2010 3238:2009 3139:2011 3128:ISSN 3102:2011 3079:2011 3037:2011 2872:2009 2845:PMID 2804:link 2763:link 2697:2010 2660:2009 2635:2009 2541:2011 2515:2009 2492:2009 2455:2009 2426:2009 2389:2011 2361:2009 2316:2010 2274:ISBN 2224:2010 2181:2009 2117:2009 2003:2011 1963:2011 1933:2011 1910:2011 1838:2008 1816:2011 1790:2009 1668:2011 1624:2011 1482:2011 1451:2010 920:for 799:The 773:and 301:IPPR 145:and 78:The 5165:art 3941:BBC 3799:doi 3538:doi 3302:doi 3219:doi 3177:doi 3060:doi 3056:199 3007:doi 2932:hdl 2922:doi 2837:doi 2825:296 2786:doi 2745:doi 2691:(1) 2596:doi 2247:doi 1779:doi 1717:doi 1566:doi 1263:of 1189:of 1069:). 1006:dis 744:of 564:BBC 464:UCL 406:). 5581:: 3943:: 3933:: 3921:: 3813:. 3805:. 3797:. 3787:89 3785:. 3753:. 3720:. 3690:. 3620:}} 3616:{{ 3600:. 3596:. 3544:. 3534:15 3532:. 3528:. 3487:. 3385:^ 3358:. 3354:. 3308:. 3296:. 3292:. 3225:. 3215:17 3213:. 3209:. 3183:. 3175:. 3165:89 3163:. 3122:. 3066:. 3054:. 3050:. 3003:45 3001:. 2997:. 2930:. 2916:. 2912:. 2889:. 2843:. 2835:. 2823:. 2800:}} 2796:{{ 2782:40 2780:. 2759:}} 2755:{{ 2739:. 2726:^ 2687:. 2683:. 2668:^ 2610:. 2602:. 2594:. 2580:. 2561:. 2543:. 2532:. 2434:^ 2397:^ 2344:. 2318:. 2300:. 2288:^ 2243:37 2241:. 2204:^ 2167:. 2134:. 2059:. 2011:^ 1953:. 1941:^ 1871:^ 1861:. 1846:^ 1775:24 1773:. 1769:. 1752:^ 1715:. 1703:45 1701:. 1697:. 1676:^ 1651:. 1632:^ 1604:^ 1594:. 1590:. 1562:45 1560:. 1548:^ 1538:. 1517:. 1505:^ 1459:^ 1429:^ 1415:. 1248:CO 1127:. 1063:ηg 952:, 948:, 944:, 661:CO 599:. 529:'s 516:: 270:, 212:CO 128:CO 5533:: 4071:) 4067:( 3973:e 3966:t 3959:v 3841:. 3821:. 3801:: 3793:: 3767:. 3738:. 3702:. 3675:. 3653:. 3626:) 3612:. 3602:8 3578:. 3552:. 3540:: 3370:. 3360:6 3339:. 3316:. 3304:: 3298:4 3263:. 3240:. 3221:: 3191:. 3179:: 3171:: 3141:. 3104:. 3081:. 3062:: 3039:. 3013:. 3009:: 2960:7 2944:2 2940:. 2934:: 2924:: 2918:2 2893:. 2874:. 2851:. 2839:: 2831:: 2806:) 2792:. 2788:: 2765:) 2751:. 2747:: 2741:2 2720:. 2699:. 2689:8 2662:. 2637:. 2598:: 2582:3 2517:. 2494:. 2457:. 2428:. 2415:" 2391:. 2363:. 2339:" 2282:. 2253:. 2249:: 2226:. 2183:. 2138:. 2119:. 2005:. 1965:. 1935:. 1912:. 1840:. 1818:. 1792:. 1781:: 1723:. 1719:: 1692:" 1670:. 1626:. 1596:7 1572:. 1568:: 1540:7 1484:. 1453:. 1270:2 1250:2 1245:2 750:g 738:η 734:γ 730:s 719:γ 715:s 663:2 630:' 447:2 224:2 220:2 216:e 214:2 132:e 130:2

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.