Lord Nicholas Stern, the widely respected author of a landmark 2006 government-commissioned report on global warming’s effect on the world economy, says he underestimated the risks and should have been more “blunt” about the dangers posed by rising temperatures.
A combination of successful lobbying, political interference and lack of economic growth has wrecked the carbon market designed to combat climate change. It is now cheaper to pollute the atmosphere than to invest in becoming energy efficient.