Sydney Morning Herald: Nicholas Stern says climate change costs aren't properly captured by models.
Existing economic models "grossly underestimate" the costs of global warming, undermining the urgency for deep cuts in greenhouse gas emissions, according to a new paper by leading UK climate change economist Lord Nicholas Stern.
The risks are in fact likely to be so large that a globally coordinated carbon price of $US32-$US103 ($34-$110) per tonne of emissions is needed as soon as 2015 to prevent the temperature...