A Missed Opportunity: The Stern Review on Climate Change Fails to Tackle the Issue of Non-Substitutable Loss of Natural Capital

@article{Neumayer2007AMO,
  title={A Missed Opportunity: The Stern Review on Climate Change Fails to Tackle the Issue of Non-Substitutable Loss of Natural Capital},
  author={Eric Neumayer},
  journal={Environmental Law \& Policy eJournal},
  year={2007}
}
  • E. Neumayer
  • Published 1 April 2007
  • Economics
  • Environmental Law & Policy eJournal
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… Expand
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TLDR
It is a foreign aid program and it ought to have to compete with more direct foreign aid, which can benefit the very poor rather than their much-better-off descendants. Expand
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