The report on climate change, by Sir Nicholas Stern, described climate change as the 'greatest market failure the world has ever seen' and certain groups criticised the Government for using it as a means to 'pave the way for a whole host of new green taxes'.
What is the Stern Report?
The Chancellor of the Exchequer Gordon Brown commissioned Sir Nicholas Stern, the former chief economist at the World Bank, to undertake an independent report to assess the evidence and build understanding of the economics of climate change.
The review examined:
Main conclusions of the Stern Report
1. The worst impacts of climate change can be avoided, if we act now
2. Climate change will have very serious impacts on growth and development
3. The costs of stabilising climate change are significant, but manageable
4.Action on climate change doesn't have to restrict growth
5. Strong, deliberate policy action is required to cut emissions
6.Climate change demands an international response
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