19 Nov 2010 10:11:05
US 'risks losing trade if climate action is not taken'
Lord Nicholas Stern has warned that US trade could suffer if it does not take further steps to cut its carbon emissions.
The author of the landmark report on the economics of climate change told the Times the US faces the risk of being left behind other nations, who are making efforts to go green.
He said exports will increasingly look more "carbon intensive", highlighting cars, machine tools and aircraft as those most likely to be facing restrictions.
Lord Stern explained: "The US will increasingly see the risks of being left behind, and ten years from now they would have to start worrying about being shut out of markets because their production is dirty."
The economist has previously highlighted that a "new industrial revolution" requiring both public and private funds will be needed if the world is to combat climate change.
Speaking at a meeting of a United Nations (UN) advisory group in Bonn, he highlighted that no single source of funding can be relied on for the funds needed to meet the pledges made at Copenhagen.
The UN is due to meet again to discuss the issue of climate change in Cancun later this month.