How do I reference the Stern review?
How do I reference the Stern review?
MLA (7th ed.) Stern, N H. The Economics of Climate Change: The Stern Review. Cambridge, UK: Cambridge University Press, 2007.
Why was the Stern Review commissioned?
Background. On 19 July 2005 the Chancellor of the Exchequer, Gordon Brown announced that he had asked Sir Nicholas Stern to lead a major review of the economics of climate change, to understand more comprehensively the nature of the economic challenges and how they can be met, in the UK and globally.
Who commissioned the Stern review?
The world’s economy will need to shift from one based on fossil fuels to one based on low carbon technologies. Commissioned by the British government and led by economist Nicholas Stern, the massive report was the first of its kind to quantify the costs to address climate change and its impact on the global economy vs.
What discount rate does Nordhaus use?
Nordhaus examines a model of climate change that is similar to the one used in the Stern Review but with a 3 percent social discount rate that slowly declines to 1 percent in 300 years rather than the 0.1 percent discount rate used in the Stern Review.
How is social cost of carbon calculated?
1. What is the social cost of carbon? The short answer: The social cost of carbon is the cost of the damages created by one extra ton of carbon dioxide emissions.
Is water vapor a greenhouse gas?
Water vapor is another greenhouse gas and plays a key role in climate feedbacks because of its heat-trapping ability. Warmer air holds more moisture than cooler air.
What are the economic benefits of climate change?
new jobs and ‘green’ jobs. improved competitiveness. economic growth. cleaner air and more efficient public transport systems in cities.
What is Cap’n Trade?
Cap and trade is a common term for a government regulatory program designed to limit, or cap, the total level of emissions of certain chemicals, particularly carbon dioxide, as a result of industrial activity. Proponents of cap and trade argue that it is a palatable alternative to a carbon tax.
What does a high social discount rate mean?
A higher SDR makes it less likely a social project will be funded. A higher SDR implies greater risks to the assumption that the benefits of the project will be reaped.
What is the social cost of carbon 2021?
$51 per ton
At $51 per ton of emitted carbon, that purchase implies a social cost of $1.1 billion over 20 years.
What is the social cost of carbon 2020?
The new interim value for the social cost of carbon dioxide is $51/metric ton of carbon at a 3% discount rate and $76/metric ton at a 2.5% discount rate. (See the technical guidance document, Table ES-1 for a complete set of values from 2020-2050 in 2020 dollars.)
