Pre-budget 2006 and the Stern Review

Book excerpt: As part of the Committee's annual inquiry into the Treasury's Pre-Budget Report (PBR) and the progress made towards achieving environmental objectives with regards to its tax and spending policies, this publication examines the PBR's fiscal policy announcements in relation to the aviation, motoring, waste and energy sectors, focusing on the findings of the Stern Review of the economics of climate change (ISBN 9780102944204) published in October 2006. Amongst the 40 conclusions and recommendations made, the Committee notes that the Stern Review highlights the central problem involved in efforts to address the effects of global warning, that is the need to take action now before the more serious effects have begun to be felt in order to benefit future generations, a problem that will be both practically and politically challenging. The Committee urges the Government to use the Stern Report in order to promote a better informed public discussion of the science of climate change, so that we can use the limited window of opportunity presently available to prevent greenhouse gases growing to dangerous levels beyond which there are risks of major irreversible impacts, and recognising the Stern Review's accompanying argument that the sooner the world begins to cut its emissions, the easier and less costly mitigation will become.