Yesterday, 28 March, Sir Nicholas Stern met with Federal Labor on the effect of climate change on the global economy.

The meeting came on the eve of Australia’s National Climate Change Summit, being held at Parliament House this Saturday, 31 March.

Sir Nicholas conducted the Stern Review on the Economics of Climate Change, a 700-page Report released on October 30, 2006. It is the largest and most widely known and discussed report of its kind.

The Stern Report to the British Government sent a clear warning that left unchecked, climate change will have catastrophic economic consequences.

Stern concluded that:

• Climate change could cost the global economy more than both World Wars and the Great Depression combined; 


• Unless the world acts to reduce carbon emissions the global economy could be cut by up to 20 per cent; and 


• Early action on climate change is critical to protecting our future prosperity.

The Howard Government has continued to ignore the immense economic risks to our prosperity and living standards by denying climate change exists for the past 11 years.

Federal Labor is committed to facing one of the most serious challenges of the 21st century.

Photograph L-R: Kevin Rudd, Federal Labor Leader; Sir Nicholas Stern, Head of the British Government Economics Service and Adviser to the British Government on the economics of climate change and development; Peter Garrett, Shadow Minister for Climate Change, Environment and Heritage, Shadow Minister for the Arts; Anthony Albanese, Shadow Minister for Infrastructure and Water, Manager of Opposition Business; Wayne Swan, Shadow Treasurer - 28 March 2007.