Lord Nicholas Stern, author of the Stern Review of the Economics of Climate Change, called for a new form of conditionality – with developing countries setting the conditions for rich countries this time around – in CGD’s third annual Richard H. Sabot Lecture. Speaking on “The Economics of a Global Deal on Climate Change,” Lord Stern asked whether the global community is willing to invest today to avoid a far-more costly tomorrow. And he called for market mechanisms to incorporate the social costs of carbon dioxide into the world economy. Lord Stern concluded with a sense of urgency, prodding rich world leaders to accept conditions set by developing countries for their cooperation in stabilizing and reducing greenhouse gas emissions. CGD outreach and policy assistant Joel Meister summarizes the highlights of the lecture, providing links to video, transcript, photos, and a comment by CGD president Nancy Birdsall.
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