Policy Hub
On 30 October 2006, HM Treasury published a report (The Stern review on the economics of climate change) which finds that there is still time to avoid the worst impacts of climate change, if Governments, businesses and individuals act now and act internationally to work together to respond to the challenge. Strong, deliberate policy choices by governments are essential to motivate change. But the task is urgent.
The first half of the Review focuses on the impacts and risks arising from uncontrolled climate change, and on the costs and opportunities associated with action to tackle it.
The Review goes on to consider more recent scientific evidence (for example, of the risks that greenhouse gases will be released naturally as the permafrost melts), the economic effects on human life and the environment, and approaches to modelling that ensure the impacts that affect poor people are weighted appropriately. Taking these together, the Review estimates that the dangers could be equivalent to 20% of GDP or more.
The second half of the Review examines the national and international policy challenges of moving to a low-carbon global economy.
Key elements of future international frameworks should include: