Nicholas Stern, the British economist known for a major report in which he declared that combating climate change would cost less than ignoring it, has announced that he was wrong -- about how bad the problem is. "We badly underestimated the degree of damages and the risks of climate change" in the Oct. 2006 report, he said in a speech Wednesday. "All of the links in the chain are on average worse than we thought a couple of years ago." Thawing permafrost is releasing methane, oceans are acidifying faster than expected, and carbon sinks are becoming less effective, said Stern. He urged nations to come up with a stringent global climate treaty taking food production into account, and reiterated that the world should aim to produce zero-carbon electricity by 2050 (he backs carbon sequestration, nuclear power, and renewable energy). "This is about buying down risk," Stern said. "Starting now, that means it requires at least 1 percent of world GDP. That is small relative to a planetary catastrophe."
source: The Independent, Reuters, The Telegraph

Comments
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Wolverine Posted 4:28 am
17 Apr 2008
The first two are great examples of why economists are NOT the people to whom to look for environmental solutions.
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Matt Posted 9:46 pm
17 Apr 2008
Now, I imagine that if you asked him as a person and not an economist he might agree that his first two options are not ideal, but that was outside the scope of his paper.
Let's give credit where it's due... This guy went in a different direction than most economists and even double checked his math to make his point. Greenies don't have too many respected economists even remotely in their camp so let's not run this one off by jumping the gun.
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JoshS Posted 11:50 pm
17 Apr 2008
But I agree with Wolverine's primary point...economists should not be making the science/policy/action decisions on their flawed cost/benefit analysis.
One day that'll mean geo-engineering because a few economists think it's the "lowest cost" solution.
The world of nature doesn't acknowledge our human view of economics.
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usandthem Posted 2:03 am
19 Apr 2008
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