Royal Society of Chemistry - UK

Chemistry World

30 October 2006

Economist's review marks turning point

Scientists have welcomed an economist's review into the costs of

climate change, which warns of global recession if greenhouse gas

emissions are not stabilised.

A proper economic analysis was long overdue, providing independent

support for the views of scientists accused of hyping up climate

change, Chris Reay, National Environment Research Council (Nerc)

research fellow at Edinburgh University, UK, told Chemistry World.

'If this is the tipping point, I don't mind if it comes from an

economist,' he said.

The government-commissioned report, carried out by former World Bank

chief economist Sir Nicholas Stern, warns that the global economy

could shrink by up to 20 per cent unless action is taken now to

reduce greenhouse gas emissions; Stern estimates an R&D investment of

one per cent of global GDP is needed.

'The Stern Review finally closes a chasm that has existed for 15

years between the precautionary concerns of scientists, and the

cost-benefit views of many economists,' commented Michael Grubb,

professor of climate change and energy policy at Imperial College

London and the University of Cambridge, UK. And, said Grubb, it was

encouraging that although Stern saw the problem as massive and

urgent, it could be solved.

'This should be a turning point in a debate which has pitted short

term economic interests against long term costs to the environment,

society and the economy,' said Martin Rees, president of the Royal

Society.

To tackle climate change, said Rees, action must be taken on many

fronts: government should invest in research and technology; industry

- and individuals - should use energy more efficiently; carbon

dioxide emissions should be costed; and deforestation should be

addressed. Environment secretary David Milliband has already

confirmed that the government is considering using 'green taxes' to

curb emissions.

But as Stern pointed out, only a global consensus on these issues

could cut greenhouse gas emissions on the necessary scale. Ian

Colbeck, director of the Centre for Environment and Society at

the University of Essex, agreed: 'It only needs two or three of the

major CO2 emitting countries to ignore the warnings to offset any

reductions made elsewhere,' he said.

© Royal Society of Chemistry 2006

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