GLOBAL ECONOMIC INCENTIVES FOR ENVIRONMENTAL
SECURITY - REVISITING THE STERN REVIEW IN 2019

Harsh Beri

Title: GLOBAL ECONOMIC INCENTIVES FOR ENVIRONMENTAL SECURITY - REVISITING THE STERN REVIEW IN 2019
Authors: Harsh Beri
Journal: International Journal of Social Science and Economic Research (IJSSER) ISSN: 2455-8834 Volume: 4 Issue: 9 Publication Date: September 2019
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Harsh Beri Modern School, Barakhamba Road (Grade 12)
MLA 8 Beri, Harsh. "GLOBAL ECONOMIC INCENTIVES FOR ENVIRONMENTAL SECURITY - REVISITING THE STERN REVIEW IN 2019." Int. j. of Social Science and Economic Research, vol. 4, no. 9, Sept. 2019, pp. 6256-6262, ijsser.org/more2019.php?id=479. Accessed Sept. 2019. APA Beri, H. (2019, September). GLOBAL ECONOMIC INCENTIVES FOR ENVIRONMENTAL SECURITY - REVISITING THE STERN REVIEW IN 2019. Int. j. of Social Science and Economic Research, 4(9), 6256-6262. Retrieved from ijsser.org/more2019.php?id=479 Chicago Beri, Harsh. "GLOBAL ECONOMIC INCENTIVES FOR ENVIRONMENTAL SECURITY - REVISITING THE STERN REVIEW IN 2019." Int. j. of Social Science and Economic Research 4, no. 9 (September 2019), 6256-6262. Accessed September, 2019. ijsser.org/more2019.php?id=479.
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ABSTRACT: The Carbon Majors report highlights that a fifth of global industrial greenhouse gas emissions are backed by public investment and this puts a significant responsibility on "those investors to engage with carbon majors and urge them to disclose climate risk." There is an urge to move out of fossil fuel and towards clean energy at an accelerated pace in order to avoid/minimise the impending climate catastrophe. In light of these concerns, it is imperative to revisit the Stern Review, a canonical piece of literature on "The Economics of Climate Change". The Stern Review introduces environmental degradation as an economic externality, where its consequences are felt by all even if only few contribute to it. The economics of climate change has been focused on "modelling the implications of growth for emissions, examining and modelling the economics of technological options, calculating 'social costs of carbon', and exploring tax, market and other structures". With collective action as the core, it is now necessary to focus on the analysis that individual countries will require to assess/review their own policy positions along with a framework to generate impactful international action.

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