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Change of climate

The key point about the economics of climate change, as the Stern review shows, is how little it costs to cut emissions sharply. Despite attacks from Bjørn Lomborg and others, Kyoto remains a good place to start

By Adair Turner   December 2006

Few respected scientists now doubt that the world is warming, that man-made carbon dioxide (CO2) emissions are largely responsible, and that there will be significant further warming over the coming century. The pace of change and the impact on the climate of specific regions is debated. But it is clear that global warming is a reality, and that severe consequences—ranging from rising sea levels to the spread of tropical diseases—are likely.

Yet despite wide backing for the recent Stern review on the economics of global warming, the case for significant early action to combat it is still contested by opponents,…

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