Adding climate change into the economic forecasts

November 3, 2008 at 1:36 am | Posted in Climate and economy | Leave a comment
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Once again it’s been a week of numbers.  The Dow Jones stock index rallied 11.3 percent over the last week, along with other stock measures around the world.  The Federal Reserve and the Bank of Japan cut interest rates to grease lending and spending.  Consumer spending declined in the U.S. for the first time in 17 years, and a bailout’s now being considered for Detroit’s Big Three automakers. 

Courtesy of thisbluedot.net.

Courtesy of thisbluedot.net.

Despite – and perhaps because of – the maelstrom of mostly dark economic news over the last few weeks, there is now more and more talk about how dealing with climate change should figure into economic planning. 

On Monday former World Bank economist Nicholas Stern issued a warning that ignoring the risks posed by climate change could result in far greater consequences than ignoring risks in the financial system. 

Stern is famous for a 700-page economic report he released in 2006, which claimed inaction on climate change could result in disasters on the scale of the Great Depression or World Wars I and II. 

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