Climate change is driving a new industrial revolution that will reward creative thinking and early investment in green technologies, British economist Nicholas Stern says.
The former World Bank president warned high-emitting countries that fell behind in this global ''green race'' to transition to a low-carbon economy could face future trade barriers.
During an address to the National Press Club in Canberra yesterday, Lord Stern said nations that moved quickly to tackle climate change would ''not take kindly'' to those that did not take the challenge seriously.
''Ten or 15 years from now, those that produce in dirty ways are likely to face trade barriers,'' he said
Global greenhouse emissions were currently around 47 billion tonnes of carbon dioxide equivalent, and would need to be capped well below 37 billion tonnes within 20 years and well below 20 billion tonnes by 2050 ''if we are to have a 50/50 chance of holding temperature increases to 2 degrees''. This would require Australia which has the world's highest per capita emissions to take measures to cut its per capita emissions from 20 tonnes to two tonnes by 2050.
''It means that the change is big and we can't kid ourselves that it is anything other than radical,'' he said.
He refused to be drawn on the range of issues discussed at a meeting earlier this week with federal Independent powerbrokers Tony Windsor and Rob Oakeshott.
But Lord Stern described the two NSW rural MPs as ''thoughtful, reflective and well-informed'' on climate change issues.
'' I enjoyed our conversation very much,'' he said.
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