‘The greatest market failure the world has ever seen’


Sir Nicholas Stern
Image source: Wikipedia

Could this be the start of something? This is a hard-nosed economist talking the language of people in business and government, and saying things like climate change will impact on economic growth (… crikey! There I was thinking it meant we all got better sun tans …) and that climate change represents ‘the greatest market failure the world has ever seen’. This is seriously heavy stuff from a dark suit, and maybe (just maybe) it will make people sit up and think … maybe not the Bush administration, but the rest of the world at least.

Click here to watch Stern’s speech (16m:54s) from BBC. (You will need RealPlayer on your machine to do this). His presentation slide are available here.