Stern Outlines Global Deal On Climate Change

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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