Climate investment is only growth opportunity of 21st century, says leading economist
Lord Stern says fossil-fuelled growth is futile as the damage it causes ends in economic self-destruction
Investment in climate action is the economic growth story of the 21st century, while growth fuelled by fossil fuels is futile because the damage it causes ends in self-destruction, the economist Nicholas Stern has said.
The plummeting costs of clean technologies, from renewable energy to electric cars, plus the healthier and more productive societies they enable, meant investments could simultaneously tackle the climate crisis and faltering economic growth, and bring millions of people out of poverty, he said.
This requires big changes in policies and levels of investment and Stern, at the London School of Economics, acknowledged that the geopolitical environment was currently difficult but he said making the rational argument was vital. The US president, Donald Trump, recently called climate change a “con job” and is backing fossil fuel companies to “drill, baby, drill”.
“I’d say to Trump: ‘You’ve got children and grandchildren – think about the science, think about the risks,’ and I’d give examples about the wildfires in California,” said Stern. “I’d point out to him that his place in Florida is going to be extremely vulnerable to more intense hurricanes, sea level rise and storm surges. The people and places he loves are under severe risk.
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