Prime Minister deserves “great credit” for 2050 net-zero target, says Lord Stern
The Grantham Research Institute on Climate Change and the Environment has responded to the announcement by the UK Government today that the Climate Change Act is being amended to include a target for cutting annual emissions of greenhouse gases to net zero by 2050.
Lord Stern of Brentford, Chair of the ESRC Centre for Climate Change Economics and Policy, said:
“This is a historic move by the UK Government and an act of true international leadership for which the Prime Minister deserves great credit.
“A priority for the Treasury and all parts of government is now to put in place policies and institutions which can foster the change at the pace we need.
“In particular, the Treasury should recognise that the significant investments required for the zero-carbon transition will yield very substantial economic returns, such as reductions in local air pollution and greater energy efficiency, as well as the avoided impacts of dangerous climate change. This is a very attractive path of inclusive and clean growth with great advantages nationally and internationally for the UK.
“It is unfortunate that the Government is including a review of the target after five years, as this could create uncertainty for businesses, ultimately making the transition more expensive.”
NOTES FOR EDITORS
- Lord Stern is chair of the Grantham Research Institute on Climate Change and the Environment and the ESRC Centre for Climate Change Economics and Policy, and I.G. Patel Professor of Economics and Government, at the London School of Economics and Political Science. From July 2013 to July 2017, Lord Stern was President of the British Academy for the humanities and social sciences. Lord Stern was with HM Treasury between October 2003 and May 2007. He served as Second Permanent Secretary and Head of the Government Economic Service, head of the review of the economics of climate change (the results of which were published in ‘The Economics of Climate Change: The Stern Review’ in October 2006), and director of policy and research for the Commission for Africa. His previous posts included Senior Vice-President and Chief Economist at the World Bank, and Chief Economist and Special Counsellor to the President at the European Bank for Reconstruction and Development. Baron Stern of Brentford was introduced in December 2007 to the House of Lords, where he sits on the independent cross-benches. He was recommended as a non-party-political life peer by the UK House of Lords Appointments Commission in October 2007. He was made a Fellow of the Royal Society in 2015 and a Companion of Honour in 2017.
- The ESRC Centre for Climate Change Economics and Policy (http://www.cccep.ac.uk/) is hosted by the University of Leeds and the London School of Economics and Political Science. It is funded by the UK Economic and Social Research Council (http://www.esrc.ac.uk/). The Centre’s mission is to advance public and private action on climate change through rigorous, innovative research.
- The Grantham Research Institute on Climate Change and the Environment (http://www.lse.ac.uk/grantham) was launched at the London School of Economics and Political Science in October 2008. It is funded by The Grantham Foundation for the Protection of the Environment (http://www.granthamfoundation.org/).