An icy rain is pelting about 30 protesters who’ve converged at the gate of a natural gas drilling site near Manchester, England. On the other side of a fence topped with razor wire, a 10-story-high rig is boring into shale to determine if it’s suitable for hydraulic fracturing, or fracking. The demonstrators unfurl a banner: “Fracking will poison our children.”
U.K. Chancellor of the Exchequer George Osborne froze a tax on carbon emissions from electricity generation starting in April 2016 as part of a 7 billion-pound ($12 billion) plan to cut consumer energy bills.
China will have a cap-and-trade system to limit its emissions by about 2015 as the world’s biggest polluter takes a lead role in developing clean energy, London School of Economics professor Nicholas Stern said.
China’s rising carbon dioxide emissions must return to today’s level by 2030 if warming since pre-industrial times is to be kept to 2 degrees Celsius (3.6 degrees Fahrenheit), London School of Economics professor Nicholas Stern said.
Countries that fail to adapt their economies to “cleaner” technologies are likely to lose export markets to those that do, said Nicholas Stern , former chief adviser on climate change to the U.K. government.
China is taking the lead in a new industrial revolution that will curb greenhouse gases, said Nicholas Stern , the London School of Economics professor who wrote the U.K. government report on the costs of cutting pollution.
The cost of holding rising temperatures to safe levels may reach 4 percent of economic output by 2030, according to a draft United Nations report designed to influence efforts to draft a global-warming treaty.
Billionaire Tom Steyer recalls a dinner at the U.S. Treasury in Washington with two senior department officials and six money managers. It was August 2012, and the meal was part of an effort by the agency to keep up with what the financial community was worrying about. The diners discussed China’s slowdown, Federal Reserve policy and other trends affecting the U.S. economy.
The U.K. appointed Nicholas Stern, a former World Bank chief economist, to counsel the government on setting up a planned Green Investment Bank to expand industries that promote economic growth while curbing climate change.