In this independent report commissioned by the Treasury, Sir Nicholas Stern, former chief economist of the World Bank, describes the urgent need for action on climate change. Examining the likely environmental and economic impacts, the Stern Review highlights the fact that, while it would take around 1 per cent of GDP to stabilise carbon emissions at manageable levels, not acting on climate change could reduce global GDP by up to 1 per cent. Proposals for the Government response include: creation of a carbon pricing market; legislation to provide for carbon reduction targets; extension of the European Emissions Trading Scheme (EETS) to the US, India and China; creation of new EETS targets of 30 per cent reduction by 2020 and 60 per cent by 2050; and creation of a fund to assist developing counties in addressing climate change. This is one of a series of supporting documents accompanying the "Pre-Budget Report 2006 - Cm 6984" (ISBN 0101698429, available below) published by TSO on behalf of HM Treasury. Produced to the same specifications and standards as House of Commons Paper publishing, TSO's officially authorised edition of Sir Nicholas Stern's landmark report is bound in a specially selected durable recycled board, with a silk finish to resist stains and creasing, meeting the needs of libraries and professional users perfectly.