Nicholas Stern: cost of global warming ‘is worse than I feared’

Ten years ago the leading economist warned about climate change in a landmark report – he says while there is cause for optimism, the picture is still grim

A lot has happened since Nicholas Stern, then a permanent secretary at the Treasury, produced his landmark review of the impact of climate change 10 years ago. His work was quickly recognised as the definitive account of the economic dangers posed to the planet by global warming.

Since then, global temperatures have risen to record levels. Arctic summer sea ice has continued to shrink, as have many major land-based ice sheets. Carbon dioxide is being pumped into the atmosphere in ever-increasing amounts. At the same time, low-lying coastal areas, such as south Florida and parts of Bangladesh, are experiencing more and more flooding as sea levels have risen. Scientists have begun to link extreme weather events to the planet’s changing climate, while animal and plant species are gradualling moving towards the poles. So, a decade on, is Stern plunged in despair over our prospects? Not quite. While the picture is certainly grim, the world’s top climate economist still believes there are grounds for modest optimism.

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