|On April 28, 2009, the World Bank featured a discussion by Professor Nicholas Stern of the Grantham Research Institute for Climate Change at the London School of Economics and Political Science. Stern presented his new book, “The Global Deal: Climate Change and The Creation of a New Era of Progress and Prosperity,” describing what the global deal in ethics, economics and public policy should entail in the making of a new climate change goal. The session was moderated by Hartwig Schafer, Director of the World Bank’s Strategy and Operations Sustainable Development Network and Marianne Fay, Co-Director of the World Bank Development Report 2010.
Stern first provided the foundations of basic analysis necessary to bring about the global deal. It is, in his view, important to manage climate change issues presently, or else we will undermine all that has been achieved in this field in the next two or three decades.
The structure of the process begins and ends with people, specifically with greenhouse gas emissions. The emissions pass through increased concentration, to a point where the planet cannot absorb all the emissions it creates. This leads to the increase in stocks and temperatures, which in turn are trapped and ultimately cause global warming. Stern elaborated on the current risk management pattern, and the emission growth rates among developing and rich countries.
Ending the session, Fay commented on key aspects of the book. The book emphasizes ethics, offers a framework for long term public policy and risk, and has a positive message on making a low-carbon world become a reality.