Nicholas Stern

World Renowned Economist and Expert on the Economics of Climate Change, Author of the Stern Review Report

Nicholas Stern
English

Nicholas Stern ( born Lord Stern of Brentford) is a globally recognized economist, and one the world’s leading authorities on climate change, international development and global economic

Chair of the Grantham Research Institute on Climate Change and the Environment, Nicholas Stern achieved worldwide acclaim when he published his long awaited 700 page ground breaking “Stern growth. Review” on the economic impact of climate change.

From 2000 to 2003, Nicholas Stern was Chief Economist at the World Bank, and Senior Vice President, for Development Economics. From 1994 to 1999 he was Chief Economist and Special Counsellor to the President at the European Bank for Reconstruction and Development.

From 2005 to 2007, Nicholas Stern was adviser to the UK Government on the Economics of Climate Change and Development, reporting to the Prime Minister and the Chancellor of the Exchequer. In this role he headed the Stern Review on the Economics of Climate Change. He was also Head of the Government Economic Service from 2003 to 2007; and was also Director of Policy and Research for the Prime Minister’s Commission for Africa. In 2009 he was President of the European Economic Association.

Nicholas Stern’s work in academic life has included teaching and research positions at many of the most prestigious institutions in the world, including the London School of Economics, the University of Oxford, the Massachusetts Institute of Technology (MIT), the Ecole Polytechnique and the Collège de France in Paris, the Indian Statistical Institute in Bangalore and Delhi, and the People’s University of China in Beijing.

His research and publications have focused on the economics of climate change, economic development and growth, economic theory, tax reform, public policy and the role of the state and economies in transition. His first books were on tea in Kenya and the Green Revolution in India (where he lived for 8 months in a village in Northern India in 1974/75). In his insightful presentations Nicholas Stern provides an unparalleled level of in-depth analysis into all facets of the world current economic landscape. He clarifies complex economic issues and looks not only at the factors affecting today global markets but also at the factors which will affect organizations and global markets in the long term

In his speeches Nicholas Stern outlines building an economic climate that facilitates investment and growth, which empowers companies and individuals to participate in that growth. He also examines in depth the far reaching economic implications of climate change and offers organizations his valuable insights into the short and long term effects of global warming on the business world.

Nicholas Stern has written books on crime and the criminal statistics in the UK and a few on public finance and development. “Growth & Empowerment: Making Development Happen” was published in April 2005. The Stern Review on the Economics of Climate Change was published in January 2007 by Cambridge University Press. He has published more than 15 books and 100 articles. “A Blueprint for a Safer Planet” was published in April 2009.

Awards received by Nicholas Stern include: International Association for Impact Assessment (IAIA) Global Environment Award, 2010, Leontief Prize for Advancing the Frontiers of Economic Thought, Tufts University, 2010, Fundación Ideas (Madrid) 2010 Award for work on sustainability and climate change (December), The BBVA Foundation Frontiers of Knowledge Award 2011, BBVA Foundation.

 

Stern Review: The Economics of Climate Change

The scientific evidence is now overwhelming: climate change is a serious global
threat, and it demands an urgent global response.

This Review has assessed a wide range of evidence on the impacts of climate
change and on the economic costs, and has used a number of different techniques to
assess costs and risks. From all of these perspectives, the evidence gathered by the
Review leads to a simple conclusion: the benefits of strong and early action far
outweigh the economic costs of not acting.

Climate change will affect the basic elements of life for people around the world –
access to water, food production, health, and the environment. Hundreds of millions
of people could suffer hunger, water shortages and coastal flooding as the world
warms.

Using the results from formal economic models, the Review estimates that if we don’t
act, the overall costs and risks of climate change will be equivalent to losing at least
5% of global GDP each year, now and forever. If a wider range of risks and impacts
is taken into account, the estimates of damage could rise to 20% of GDP or more.
In contrast, the costs of action – reducing greenhouse gas emissions to avoid the
worst impacts of climate change – can be limited to around 1% of global GDP each
year.

The investment that takes place in the next 10-20 years will have a profound effect
on the climate in the second half of this century and in the next. Our actions now and
over the coming decades could create risks of major disruption to economic and
social activity, on a scale similar to those associated with the great wars and the
economic depression of the first half of the 20th century. And it will be difficult or
impossible to reverse these changes.

So prompt and strong action is clearly warranted. Because climate change is a
global problem, the response to it must be international. It must be based on a
shared vision of long-term goals and agreement on frameworks that will accelerate
action over the next decade, and it must build on mutually reinforcing approaches at
national, regional and international level.

Climate change could have very serious impacts on growth and development.

Stern Review: The Economics of Climate Change