Halldór Björnsson, William Connolley and Gavin Schmidt
Late last year, the UK Treasury’s Stern Review of the Economics of Climate Change was released to rapturous reception from all sides of the UK political spectrum (i.e. left and right). Since then it has been subject to significant criticism and debate (for a good listing see Rabbett Run). Much of that discussion has revolved around the economic (and ethical) issues associated with ‘discounting’ (how you weight welfare in the future against welfare today) – particularly Nordhaus’s review. We are not qualified to address those issues, and so have not previously commented.
However, as exemplified by interviews on a recent Radio 4 program (including with our own William Connolley), some questions have involved the science that underlies the economics. We will try and address those.