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You are here: Home / News / EEA welcomes the Stern review

EEA welcomes the Stern review

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The Stern review, a UK government report, suggests that the cost of climate change will be enormous if we do not take strong global action now to reduce greenhouse gas emissions.

The review, led by Sir Nicholas Stern former World Bank chief economist, estimates that the cost of climate change will be equivalent to losing at least 5 % of global gross national product (GDP) each year, if strong action is not taken. If a wider range of risks and impacts is taken into account, the estimates of damage could rise to 20 % of GDP or more. The cost of reducing greenhouse gas emissions to avoid the worst impacts of climate change can be limited to around 1% of global GDP each year with effective, immediate action.

The EEA supports Stern’s view that action on climate change will not only cost but will also create significant business opportunities, as new markets are created in low-carbon energy technologies and other low-carbon goods and services.

The EEA also supports the Stern report views that:

  • Three policy elements are required for an effective global response:
  • The pricing of carbon, implemented through tax, trading or regulation
  • Policy to support innovation and the deployment of low-carbon technologies
  • Action removing barriers to energy efficiency
  • An international consensus on long-term goals and a global framework for action is also needed. Such a framework should include: widespread emissions trading, more investment and cooperation in research and development, action to reduce deforestation and measures to support adaptation.


For further information please see the Stern review report at:
http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2006/press_stern_06.cfm

For additional information on climate change, energy and market-based instruments please see the following EEA reports:




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