29 SEPTEMBER 2007 The Commerce of Climate PHOTO BY ROGER BRAITHWAITE AND JAY ZWALLY

Agenda Introduction Brief overview of the issue (10 mins) Panelist presentations (5 mins each) Open debate (45 mins) Short break Break-out Groups (30 mins) Debrief at 16.15

The Stern Review ’06: The Economics of Climate Change The scientific evidence is overwhelming: It’s happening and the global risks are severe SOURCE HURRICANE KATRINA PICTURE (RIGHT):

Climate Change is the greatest and widest-ranging market failure ever seen Stern calls for cuts in CO 2 emissions of between %  Kyoto Protocol at 5% average global cuts  EU agreed to 20% cuts by 2020 The Stern Review ’06: The Economics of Climate Change

Total cost of Business-As-Usual = 20% reduction in per capita consumption, now and into the future Annual costs of stabilization ≈ 1% of GDP by 2050  Significant, but manageable The transition to a low-carbon economy will bring challenges for competitiveness, but also opportunities for growth There is a high price to delay  If we don’t act within 10 years, it may be too late The Stern Review ’06: The Economics of Climate Change

Good News/Bad News G-8 statement US policy shift China Large Cities Initiative with Clinton Breakthrough at the Montreal Protocol The Inconvenient Truth tips public opinion (and wins Oscar)

The International Policy Debate Kyoto Protocol country commitments Post-Kyoto negotiations G-8 Bush’s Big Emitters Group No New Oil campaign PICTURE SOURCE:

Tackling Climate Change Action vs. Inaction?

Questions After reading the Stern Review, how do you see your company being part of the solution?  Can you meet a 50-80% cut in CO 2 emissions vs levels?  What climate investments are you making? What structural changes do you think are necessary to meet the climate challenge? Does your personal carbon footprint matter? How can a business school make a difference?

Break-Out Groups

Additional Reading UN’s Climate Secretariat Intergovernmental Panel on CC RSM’s Sustainability and Climate Research Planet 2025 e-news bulletin Check your carbon footprint