Human-induced climate change is occurring and could impose enormous costs on economies and societies if we persist with 'business as usual'. This is the consensus view of climate scientists. It is much less certain, however, that our economic, social and political systems can respond to the challenge. After all, climate change is "market failure on the greatest scale the world has seen" (Stern Review, 2006). Will governments, businesses and individuals change their policies and behaviours to create low-carbon economies, and to adapt to the impacts of climate change that we cannot avoid?
It is to respond to these challenges that the London School of Economics, in partnership with the Grantham Foundation for the Protection of the Environment, has established The Grantham Research Institute on Climate Change and the Environment.
The Institute brings together international expertise on economics, as well as finance, geography, the environment, international development and political economy to establish a world-leading centre for policy-relevant research, teaching and training in climate change and the environment.
In doing so, the Institute will collaborate with the engineering, scientific and technological expertise of the Grantham Institute for Climate Change at Imperial College| London to build linkages between the natural and social scientific study and understanding of climate change and its effects.
By acting as a policy-focused space for a network of academics, business leaders, campaigners, policy-makers, media, general public, and other interested groups, the Institute will generate:
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policy-relevant research on the economics of climate change, specifically on international target-setting and burden-sharing, carbon markets, international technology support, and the economics of deforestation and biofuels;
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engagement and awareness amongst policy-makers and the corporate sector through a series of conferences, seminars, public lectures and workshops on highly topical issues related to the economics of climate change;
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public engagement and awareness raising (globally) through the communication of regular messages pertaining to the importance of studying the economics of climate change;
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a high profile presence (within and without) national governments, international governmental organisations and the private businesses that are crucial to the economic mitigation of and adaptation to climate change.