Stern Outlines Global Deal On Climate Change

May 2, 2008

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British economist and academic Lord Nicholas Stern has published a set of proposals (PDF) for a global deal on climate change at the London School of Economics and Political Science, the school reports.

Inspired by a number of discussions with international policymakers, financiers and academics, “Key Elements of a Global Deal” has several contributors, with participants from HSBC, IdeaCarbon, and Lehman Brothers.

It suggests a set of proposals to advance the climate change debate on the road to the United Nations Framework Convention on Climate Change 15th Conference of the Parties in Copenhagen in December 2009.

The report analyses the implications of the June 2007 commitment (taken at the G8 summit in Heiligendamm) to cut global greenhouse gas emissions in half by 2050.

The report says responsibility must be shared between developed countries and the developing world and insists that developed countries guide the rest of the world by taking on binding national targets immediately and proving that low carbon growth is possible, that carbon markets will develop substantial financial flows to developing countries and that technology will be made available and shared.

Tony Blair, former Prime Minister of the United Kingdom, called the report “excellent.”

“It is absolutely right to stress the urgency of the situation and that the concerted action necessary requires a new global deal,” Blair said. “Copenhagen is only 18 months away. Every opportunity between now and then must be taken to put in place the core elements of the post-Kyoto framework.”

“Alongside strong policy, business has an important role in shaping the market response and this report contributes to making the debate relevant to the private sector,” Stephen Green, group chairman of HSBC Holdings Plc, said.

The full Stern Review can be downloaded here.

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Reader Comments

i am an msc energy resource mgt student in kenya(jomo kenyatta university) i am actually appalled by the rate at which crisis is unfolding especially when i compared the african government response to it.
all the signs are emerging now and if you look at say the governent budget read barely a month ago for a country that relies mainly on rain fed agriculture, we can only pray and hope it wont be so fast. the west might down play the role of developing countries in address these concerns but if we were (the developing nations) fully engaged in these mitigation and adaptation efforts we definately will help reduce significantly the galloping rate at which its coming at us. dont underestimate education of the african communities and there possible contribution in terms of the carbon sinks and reservoirs in the form of trees and bushland. some of these measures of the least cost of adaptation. though the contributions to mitigation might be marginal on a large intensive scale plus adoption of green power generation technologies, the contributions could be enormous.with the right resources, you might salvage what might end up being the last food basket resource for mankind slip away. actually this crisis presents a potential economic collapse scenario for a good percentage of african countries.

hilary were | July 7th, 2009