The IPCC, the Stern Review and so on are all being treated as entirely correct.
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By Sir Nicholas (now Lord, for this work) Stern in fact, in the Stern Review.
The high value of eta that Sir Partha advocates may not match that chosen by the Stern review.
In 2006, Sir Nicolas Stern released The Stern Review on the Economics of Climate Change, a 700-page report prepared for the British government.
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The Stern Review radically changed the discussion of climate change economics.
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However, not everyone agrees with the results of the Stern Review: Richard Tol is certainly less than complimentary about the economic reasoning that led to that figure.
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Mentions James Hansen, the Stern Review, and the Vattenfall report.
The International Panel on Climate Change (IPCC) cited the Stern Review extensively in the Fourth Assessment Report, which purported to present the consensus views on climate-change science and mitigation options in 2007.
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One more thing on this point: the Stern Review, the most detailed model, the most detailed modelling exercise anyone has undertaken, of the effects of climate change is based upon that A2 model.
The question for the Stern Review analysis then effectively becomes: is it worthwhile to sacrifice costs a given percentage of GDP now to avoid a given percentage loss of GDP (i.e. damages) a century from now?
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Overall, I believe it is fair to say that the Stern Review consistently leans toward (and consistently phrases issues in terms of) assumptions and formulations that emphasize optimistically low expected costs of mitigation and pessimistically high expected damages from greenhouse warming relative to most other studies of the economics of climate change.
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Meanwhile, the recent Stern Review on the Economics of Climate Change states that "declining crop yields ... could leave hundreds of millions without the ability to produce or purchase sufficient food", reports The Food Magazine.
University College London (UCL) climatologist Mark Maslin called it "the Stern report for medics", referring to the 2006 review that outlined the future impacts of the climate change situation in economic terms and advocated comprehensive, early-stage action to address it.
Mr. Lev is the Philip Bardes professor of accounting and finance at New York University's Stern School of Business and the author of "Winning Investors Over" (Harvard Business Review Press, 2012).
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