Nicholas Stern (placeholder)
Sir Nicholas Stern, FBA (born 22 April 1946) is a British economist and academic. He was the Chief Economist and Senior Vice-President of the World Bank from 2000 to 2003, and is now a civil servant and government economic advisor in the United Kingdom.
After his time working for the World Bank, Stern was recruited by Chancellor of the Exchequer Gordon Brown to work for the British government where, in 2003, he became second permanent secretary at H.M. Treasury, initially with responsibility for public finances, and head of the Government Economic Service. Having also been Director of Policy and Research for the Commission for Africa, he was, in July 2005, appointed to conduct reviews on the economics of climate change and also of development, which led to the publication of the Stern Review. He ceased to be a second permanent secretary at the Treasury though he retains the rank; the review team he heads is based in the Cabinet Office. In December 2006 it was announced that he would be returning to the London School of Economics in June 2007 as a professor, and head of LSE’s Indian Observatory and Asia Research Centre.
The Stern Review was released on 30 October 2006, and gained global media attention for Stern’s conclusions. Stern describes climate change as an economic externality and therefore addressing this externality should allow market forces to develop low carbon technologies. The report concludes that mitigation, i.e. addressing the issue now is the best economic choice. He also highlights that the ethics of the issue can not be ignored or even separated.
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