Climate cost even greater than feared: Economist
Nicholas Stern said the price of fighting climate change is now higher than estimated in a 2006 study.
Madrid: British economist Nicholas Stern
said the price of fighting climate change is now higher than
he estimated in a 2006 study that earned him a 400,000-euro
(530,000) Spanish award on Friday.
Stern won the BBVA Foundation award for measuring the
economic cost of climate change, notably in his 2006 Stern
Review which found it made more economic sense to combat
climate change than to do nothing.
The economist`s "advanced economic analysis"
quantified the impacts of climate change and provided "a
unique and robust basis" for decision-making, said the jury in
the Frontiers of Science Award.
It "fundamentally changed the international climate
change debate and stimulated action," the jury said in a
The Stern Review found world economic growth would
contract by at least 20 per cent if no action is taken, while
a switch to a low-emissions economy would cost about one per
cent of global output a year.
Informed of the award on the eve of the announcement,
Stern said he would revise the figures in his study if he was
writing it now, according to statement by the BBVA Foundation.
"The cost of cutting back emissions is more than we
estimated, but that is because the consequences of climate
change are already here," the economist was quoted as saying.