The UK is working to ensure that the economic impacts of climate change, highlighted by the Stern Review, are a central topic for Finance Ministers. Recently, the Chancellor has discussed these issues with colleagues from the G20, the G7 and other EU member states. The UK is working closely with our partners to develop a new suite of strategic climate funds to support developing countries in adapting to and mitigating the impact of climate change.
The Stern Review on the Economics of Climate Change assessed a wide range of evidence on the impacts of climate change and the economic costs, and concluded that the benefits of strong and early action far outweigh the economic costs of inaction. The Government are committed to creating the conditions necessary for cost-effective emissions reductions in the UK, and encouraging multi-lateral effort and international trading to reduce the costs to the UK and the world.