Stern Review says global warming is the planet’s most serious threat

“The scientific evidence is overwhelming: climate change is a serious global threat, and it demands an urgent global response.” Using results from formal economic models, the Stern Review estimates that if we don’t act now, the costs and risks of climate change will be equivalent to losing at least 5% of global GDP each year, now and forever. If a wider range of risks and impacts is considered, damage estimates could rise to 20% of GDP or more.

Action means achieving a reduction in greenhouse gas emissions, and these can be cut most easily through increased energy efficiency, changes in demand, and the adoption of clean power, heat and transport technologies, according the the Review.

It says that even with strong expansion of the use of renewable energy and other low-carbon energy sources, fossil fuels may still make up over half of global energy supply in 2050, due to coal burning energy supplies in fast-growing economies such as China and India. In response, extensive carbon capture and storage will be necessary to allow the continued use of fossil fuels without environmental damage.

David Pollock, director of the ECA, says: “The ECA is committed to ensuring its members can provide the best advice to clients on appropriate energy efficient installations. It is our strong belief, however, that whilst energy efficiency initiatives are essential they are not sufficient. The ECA is calling for the government to remove price and other barriers between customers and renewable sources of electricity.”

CIBSE welcomed the acknowledgement that, at a company level, reducing carbon will provide real financial savings, rather than adding to the 1% estimated costs to GDP of mitigation. It stressed the importance of increasing public sector investment in low carbon technologies.

m The government has agreed plans for a climate change bill, setting new long-term targets to cut carbon emissions in Britain. An independent body to advise on whether policies will meet the green targets will be created. More than 400 MPs have backed calls to pass a law requiring a cut in carbon emissions year on year, but the government is resisting pressure, arguing that unforeseen factors such as extreme weather or strong economic growth could mean targets may be missed.