In remarks to the World Bank’s “Financing Climate Action” event on April 21, Baron Nicholas Stern, one of the world’s most influential climate economists, spoke about what he sees as necessary global actions on climate change, including on the sale of conventional internal combustion engine (ICE) vehicles.
“The right kind of policies have to be put in place, including the abolition of fossil fuel subsidies, the advancement of carbon pricing, but clarity on timescales for decentralization of the grid, clarity on timescales for stopping the sale of internal combustion engine vehicles, and so on—making sure the sense of direction is clear in those ways,” said Stern, who served as chief economist for the World Bank from 2000 through 2003. …
Stern was also asked about Russia’s invasion of Ukraine, which has contributed to rising energy prices in the United States and around the world.
“The right thing to do is to move away faster and harder from fossil fuels,” he said, later adding that making that move entails “much bigger capacity for electricity.”