• 5 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours WTI @ $75.75, headed for $64 - 67
  • 39 mins Censorship has a price: Google’s CEO Defends Potential Return to China
  • 2 hours Gold price on a rise...
  • 3 hours Saudis Threaten Retaliation If Sanctions are Imposed
  • 9 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 2 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
  • 10 hours Can the World Survive without Saudi Oil?
  • 30 mins $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 22 hours Sears files Chapter 11
  • 23 hours Natural disasters and US deficit
  • 19 hours U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 10 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 3 hours Who's Ready For The Next Contest?

Breaking News:

200 Dead In Nigeria Oil Pipeline Blast

Indicators To Watch As Oil Stocks Flop

Indicators To Watch As Oil Stocks Flop

Stock markets derailed on Wednesday,…

South Korea Cuts Iran Oil Imports To Zero

South Korea Cuts Iran Oil Imports To Zero

U.S. ally South Korea has…

Why Economic and Scientific Models Underestimate Climate Change

Just before the expected publication of a key scientific report on global warming, Lord Stern, the former World Bank chief economist and author of the 2006 Stern review, has warned that scientific and economic predictions of the effects of climate change are dangerously undervalued.

Even so, he states that it would be “extraordinary and unscientific” to ignore the evidence and argue to delay actions intent on addressing the problem.

He claims that some of the more damaging potential impacts that could occur as a result of climate change, have been left out of scientific models as they are too difficult to quantify; and economic models underestimate the risks because they assume growth to continue at the current rate.

Related article: The Evolution of the Climate Debate: Business vs Business

“Both assumptions trivialise the problem and are untenable given the kind of change that could take place.”

He warns that a rise in temperature of 3-4°C by the end of the century would change the climate sufficiently that the conditions would be far different from those in which civilization developed. This will prevent the further development of civilization, and therefore continued growth.

He even suggested that hundreds of millions of people could be forced to leave their homes and find new regions in which to live, that the change to the climate could destroy infrastructure, and important services that nature currently provides.

The Intergovernmental Panel on Climate Change (IPCC) is due to finalise its latest report into climate change and its causes. Stern says that “the IPCC report makes crystal clear that the risks from climate change are immense.

It would be extraordinary and unscientific to argue on the basis of 200 years of evidence that you're confident that the risks are small.

Those who would have us delay have to argue they're confident the risks are small. It would be an astonishing statement to make in light of all this evidence.”

Related article: Politics has Doomed the Climate Change Debate

In order to battle the impending climate change Stern says that the European should show leadership and set a target to cut its total emissions by 50% of 1990 levels by 2030. He also warns that governments must help to create a stable investment environment to attract long-term investors to clean tech and renewable energy.

“Vacillation, lack of clarity, suggesting we might backtrack – all these things are very damaging to investment clarity and credibility in the medium term and long term.”

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News