Monday, October 27, 2008

Nick Stern - Global Warming Worse than US Meltdown

Former top British treasury economist, Sir Nicholas Stern, has issued a blunt warning that the consequences of ignoring climate change far outweigh the global financial meltdown now entrancing our governments.

"The risk consequences of ignoring climate change will be very much bigger than the consequences of ignoring risks in the financial system. ...That's a very important lesson, tackle risk early," Stern told a climate and carbon conference in Hong Kong.

Most governments badly affected by the meltdown are looking to the tried and tested solution of major capital programme spending to kickstart their flagging economies (my take on this is in an earlier post, "Spending like there IS a Tomorrow"). Stern is adding his voice to the growing choir of those advocating that government use this as an opportunity to advance clean technology:

"The lesson that we can draw out from this recession, is that you can boost demand in the best way possible by focusing on low carbon growth in future," Stern said, including greater public spending on mass public transport, energy and green technologies."

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