Cookies?
Library Header Image
LSE Research Online LSE Library Services

A missed opportunity: the Stern review on climate change fails to tackle the issue of non-substitutable loss of natural capital

Neumayer, Eric (2007) A missed opportunity: the Stern review on climate change fails to tackle the issue of non-substitutable loss of natural capital. Global Environmental Change, 17 (3/4). ISSN 0959-3780

[img]
Preview
PDF
Download (144Kb) | Preview

Abstract

The Stern Review on The Economics of Climate Change is one of the few cost-benefit analyses of climate change to come out in favour of immediate and decisive action to reduce greenhouse gas emissions. The choice of a low discount rate is the main reason for the Review’s divergence in conclusions compared to other economic studies. I argue that the Review’s ethical reasons for a low discount rate are defendable, but unlikely to find wider public support. In order to justify spending a large amount of scarce resources for the purpose of limiting climate change it is necessary to move beyond the discounting debate. Unfortunately, the Review did not develop a persuasive argument for why climate change threatens to inflict upon future generations irreversible and non-substitutable damage to and loss of natural capital. This represents a missed opportunity as it would have provided a much more compelling case for drastic action than the Review’s arguments for a low discount rate.

Item Type: Article
Official URL: http://www.sciencedirect.com/science/journal/09593...
Additional Information: © 2007 Elsevier Ltd.
Library of Congress subject classification: H Social Sciences > HC Economic History and Conditions
Sets: Departments > Geography and Environment
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 31 Jan 2008
URL: http://eprints.lse.ac.uk/3059/

Actions (login required)

Record administration - authorised staff only Record administration - authorised staff only

Downloads

Downloads per month over past year

View more statistics