Saturday, November 11, 2006

Nobel Prize-winning economist Robert Solow praised Stern's report as being practical and for providing a blueprint to avoid the coming disaster. He was especially impressed by Stern's choice of words, which is devoid of the kind of morally charged doomsday rhetoric favored by the environmentalist community. Instead, Stern soberly presents a cost-benefit analysis, which concludes that an investment of only 1 percent of world economic output would suffice to avert the direst consequences of global warming.

This is Stern's good news. He sees investment in protecting the climate as a giant subsidy program that could stimulate the economy to flourish on a new, greener note. "The transistion to a low-emissions global economy will open many new opportunities across a wide range of industries and services," Stern writes enthusiastically. He adds that "markets for low carbon energy products are likely to be worth at least $500 billion per year by 2050, and perhaps much more

# posted by intcoex : 12:14 PM




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