Nicholas Stern, author of the UK government’s groundbreaking report on the economics of climate change (EED 30/10/06), has rejected criticisms made by some economists and climate sceptics (EED 06/11/06).
The review’s estimate that mitigating emissions will cost a "manageable" 1% of global GDP is robust, he insisted in a column in the Financial Times newspaper on Wednesday.
Likewise its forecast that climate change could impose costs of up to 20% of global GDP. This is justified by scientific advances pointing to significant risks of temperatures rising more than five degrees by early next century, and by quite properly allowing for people’s aversion to risk, he argued.
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