The most comprehensive review of climate change legislation ever has been published.
The Review, which reports to the Prime Minister and Chancellor, was commissioned by the Chancellor in July last year and was carried out by Sir Nicholas Stern, Head of the Government Economic Service and former World Bank Chief Economist.
The Review focuses on the impacts and risks arising from uncontrolled climate change, and on the costs and opportunities associated with action to tackle it. The Review also emphasises that economic models over timescales of centuries do not offer precise forecasts; however, they are an important way to illustrate the scale of effects we might see.
The Review also finds that all countries will be affected by climate change, but it is likely that the poorest countries will suffer earliest and most. Unabated climate change risks raising average temperatures by over 5°C. These changes could transform the physical geography of our planet, as well as how and where we live our lives.
The Stern Review sets out the economic case for action on climate change, and concludes that the cost of inaction will be far higher than tackling climate change now.
Sir Nicholas Stern commented:
“The conclusion of the Review is essentially optimistic. There is still time to avoid the worst impacts of climate change, if we act now and act internationally. Governments, businesses and individuals all need to work together to respond to the challenge. Strong, deliberate policy choices by governments are essential to motivate change.
But the task is urgent. Delaying action, even by a decade or two, will take us into dangerous territory. We must not let this window of opportunity close.”
David Miliband, Environmental Secretary said that the climate change legislation will form a fundamental part of the UK's strategy to tackle climate change and address the issues raised by the Stern Review
Mr Miliband commented:
"This legislation will enable the UK to benefit economically by becoming a leading low carbon economy ahead of our competitors.
"The legislation will also demonstrate the UK's commitment to taking action at home and so strengthen our ability to be global leaders in developing a future global climate change framework."
The climate change legislation four key elements:
- It will put the Government's long-term goal to reduce carbon dioxide emissions by 60 per cent by 2050 into statute.
- It will establish an independent body - the Carbon Committee - to work with Government to reduce emissions over time and across the economy.
- It will create enabling powers to put in place new emissions reduction measures needed to achieve our goals.
- It will improve monitoring and reporting arrangements, including how the Government reports to Parliament.
Mr Miliband further commented:
"Taken together these represent an ambitious - and coherent - package. We are determined to enhance Britain's competitive position and believe that business in particular will benefit from the long-term framework that is so important for effective investment decisions.
"The legislation will be introduced as soon as parliamentary time allows. We are also determined to promote the widest possible debate across the country and in Parliament about the contents of the Bill."
The Stern Report can be accessed on the Treasury website by clicking the following link:
