Stern warning: warmer planet, colder economy

October 30, 2006 -

More greenhouse gases will mean less green on earth and in bank

OTTAWA – A former World Bank economist’s warning that global warming could trigger a depression highlights the weakness of Canada’s Clean Air Act, says the David Suzuki Foundation.

“Here we have one of the world’s most respected economists telling us that we have to deal with this problem immediately and yet we have a Clean Air Act that puts off dealing with it until 2050,” says Dale Marshall, policy analyst with the David Suzuki Foundation. “Something doesn’t add up.”

After more than a year of scrutinizing the economic impact of climate change, Sir Nicholas Stern, the former chief economist of the World Bank, warned today that not fighting global warming now could bring on a worldwide depression. His report also says the economic impacts of climate change are likely to be worse and more severe than first thought.

“Global warming has nothing to do with ideology or political affiliation,” says Mr. Marshall. “This is economics. The argument that cutting greenhouse gas emissions is too expensive is completely backwards. We can’t afford not to do it.”

A year ago, the British Treasury asked Sir Nicholas to find out the economic, social and environmental consequences of climate change in both developed and developing countries, and the costs and benefits of reducing greenhouse gas emissions. That report is published in London today. Sir Nicholas has already briefed ministers from the world’s 20 top greenhouse-gas-emitting nations on its main points this month in Mexico.

Sir Nicholas found that the cost of action to cut emissions is manageable. The economics show it is urgent to cut emissions now. His report also demonstrates that some of the most immediate and worst impacts would be on developing nations least equipped to deal with economic hardship.

“We’ve had economics cited as a reason for waiting to remediate climate change,” Mr. Marshall says. “But one of the world’s most trusted economists says the cost of doing nothing is far greater and more severe than the manageable cost of doing what needs to be done now. And right now, Canada is not doing nearly enough.”


For more information, please contact:
Dale Marshall
Policy analyst
The David Suzuki Foundation
613-302-9913
dmarshall@davidsuzuki.org

Justin Smallbridge
Communications specialist
The David Suzuki Foundation
604-732-4228 x.237