By Dr Charles Palmer*
The release of the Stern Review in 2006, which looked at a wide range of evidence to estimate the cost of a changing climate, was an important milestone in our understanding of the economics of climate change. It made a convincing economic case for protecting the climate function of forests, particularly with respect to tropical forests. Until Stern, biomass in such forests, both below and above ground, were long known to store vast quantities of carbon, the release of which was contributing to anthropogenic climate change. While the term ‘reducing emissions from deforestation and forest degradation’ (REDD) had not yet been coined, Stern demonstrated that slowing down deforestation had the potential to be a cost-effective strategy in the fight to mitigate against some of the effects of climate change. Read More »