Journal
CLIMATIC CHANGE
Volume 96, Issue 3, Pages 275-297Publisher
SPRINGER
DOI: 10.1007/s10584-009-9641-z
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What have we learned from the outpouring of literature as a result of the Stern Review of the Economics of Climate Change? A lot. We have explored the model space and the parameter space much more thoroughly. The Stern Review has catalyzed a fundamental rethinking of the economic case for action on climate change. We are in a position to give some conditions that are sufficient to provide a case for strong action on climate change, but we need more work before we have a fully satisfactory account of the relevant economics. In particular, we need to understand better how climate change affects natural capital-the natural environment and the ecosystems comprising it-and how this in turn affects human welfare.
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