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Kiel (dpa/lno) – The €10,000 Bernard Harms Prize will be awarded from the Kiel Institute for Global Economics to British economist Lord Nicholas Stern this year. This institute announced on Tuesday. Professor of Economics and Politics at the London School of Economics is best known for calculating the economic consequences of climate change. The award will be presented on September 4 in Kiel.
Lord Stern modeled the economic consequences of climate change for the first time in 2006, the IFW report explained. If policy remains inactive, global GDP will fall by five percent in the long run as a result of climate change, and in the worst case, up to 20 percent. In contrast, taking decisive action, for example to reduce greenhouse gas emissions, could limit the loss to one percent.
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