The Stern review report is big, and I haven’t had time to digest more than a little bit so far. One point to make is that the apocalyptic numbers that have dominated early reporting represent the worst-case outcomes for 2100 under business-as-usual policies. But even looking at the less dramatic cases, the same basic messages emerge.
- We can stabilise CO2 levels over the next fifty years at very low costs of around 1 per cent of GDP.
- The costs of doing nothing are large and unpredictable
- The costs of stabilisation will be greater the longer we delay
- Poor countries will be worst affected
More on all these points soon.