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October 31, 2006
Joseph Stiglitz comments on the Stern Review
The Stern Review of the Economics of Climate Change provides the most thorough and rigorous analysis to date of the costs and risks of climate change, and the costs and risks of reducing emissions. It makes clear that the question is not whether we can afford to act, but whether we can afford not to act. To be sure, there are uncertainties, but what it makes clear is that the downside uncertainties---aggravated by the complex dynamics of long delays,complex interactions, and strong non-linearities---make a compelling case for action. And it provides a comprehensive agenda---one which is economically and politically feasible---behind which the entire world can unite in addressing this most important threat to our future well being.”
A compelling case for action is what the Howard Government is unable to commit to, even though Australia is one of the most vulnerable countries in the developed world to the economic and social impacts of global warming.
The reason for inaction is that the Howard Government is beholden to, and captured by, the interests of the fossil fuel industry. Consequently, it has backed itself into the corner of coal-fired power and nuclear energy and blocks all criticism. Meanwhile Australia's greenhouse gas emissions continue to increase.
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