About

Lord Stern has been Chair of the Grantham Research Institute since it was founded in 2008.

He also holds the following positions:

Background

Professor Stern is the IG Patel Professor of Economics and Government, Chairman of the Grantham Research Institute on Climate Change and the Environment and Head of the India Observatory at the London School of Economics. President of the British Academy, July 2013 – 2017, and was elected Fellow of the Royal Society in 2014.

Professor Stern has held academic appointments in the UK at Oxford, Warwick and the LSE and abroad including at the Massachusetts Institute of Technology, the Ecole Polytechnique and the Collège de France in Paris, the Indian Statistical Institute in Bangalore and Delhi, and the People’s University of China in Beijing.

He was Chief Economist of the European Bank for Reconstruction and Development, 1994-1999, and Chief Economist and Senior Vice President at the World Bank, 2000-2003.

He was Second Permanent Secretary to Her Majesty’s Treasury from 2003-2005; Director of Policy and Research for the Prime Minister’s Commission for Africa from 2004-2005; Head of the Stern Review on the Economics of Climate Change, published in 2006; and Head of the Government Economic Service from 2003-2007.

He was knighted for services to economics in 2004, made a cross-bench life peer as Baron Stern of Brentford in 2007, and appointed Companion of Honour for services to economics, international relations and tackling climate change in 2017. He has published more than 15 books and 100 articles and his most recent book is “Why are We Waiting? The Logic, Urgency and Promise of Tackling Climate Change”.

Awards and Prizes

He holds 13 honorary degrees and has received the Blue Planet Prize (2009), the BBVA Foundation Frontiers of Knowledge Award (2010), the Leontief Prize (2010), and the Schumpeter Award (2015), amongst many others.

 Research interests

  • The economics of climate change;
  • Economic development and growth;
  • Economic theory;
  • Tax reform;
  • Public policy;
  • The role of the state and economies in transition.

Contact:

General enquiries:

Media requests:

  • Bob Ward, Policy & Communications Director: +44 (0) 20 7107 5413

Research

Research - 2023

Research - 2022

The authors of this paper argue that, despite their dominance in the economics literature and influence in public discussion and policymaking, the methodology employed by Integrated Assessment Models (IAMs) rests on flawed foundations, which become particularly relevant in relation to the realities of the immense risks and challenges of climate change, and the radical changes in our economies that a sound and effective response require. Read more

Research - 2021

This paper discusses major action areas for China's 14th Five-Year Plan after COVID-19, especially focusing on three aspects: the energy transition, a new type of sustainable urban development, and investment priorities. Read more

Research - 2020

This paper (forthcoming in the Oxford Review of Economic Policy) assesses the economic and climate impact of taking a green route out of the COVID-19 crisis. The analysis is based on a survey 231 central bank officials, finance ministry officials, and other economic experts from G20 countries on the relative performance of 25 major fiscal recovery archetypes across four dimensions: speed of implementation, economic multiplier, climate impact potential, and overall desirability. Read more

Research - 2019

The authors of this comment respond to a recent argument put forward by Lemoine and Rudik (2017), that it is efficient to delay reducing carbon emissions because there is substantial inertia in the climate system. Mattauch et al. show that there is no such inertia, which means there is no lag between carbon emissions and warming. Read more

Research - 2018

Research - 2016

Research - 2015

‘To slow or not to slow’ (Nordhaus, 1991) was the first economic appraisal of greenhouse gas emissions abatement and founded a large literature on a topic of worldwide importance. We offer our assessment of the original article and trace its legacy, in particular Nordhaus's later series of ‘DICE’ models. From this work, many have drawn the conclusion that an efficient global emissions abatement policy comprises modest and modestly increasing controls. We use DICE itself to provide an initial illustration that, if the analysis is extended to take more strongly into account three essential elements of the climate problem – the endogeneity of growth, the convexity of damage and climate risk – optimal policy comprises strong controls. Read more

Research - 2014

Research - 2012

Research - 2011

Research - 2010

Research - 2009

Research - 2008

Research - 2006

Policy

Policy - 2024

Policy - 2023

Actual investment performance on key climate priorities in emerging markets and developing countries has stalled. This second report from Independent High-Level Expert Group on Climate Finance focuses on how to accelerate investment to deliver the goals of the Paris Agreement and implement a framework for action. Read more

This report rethinks basic issues in economics in describing a new development strategy for China, focusing on theories of value, the definition and measurement of wellbeing and wealth, and analytical frameworks for individual and collective behaviour. It sets out guiding principles and actions to reshape key sectors. Read more

This joint report from the Grantham Research Institute and Systemiq contends that the world has in its hands a new growth and development story driven by investment and innovation in green technology, boosted by artificial intelligence (AI) – and this is a much more attractive and inclusive story than the dirty and destructive paths followed in the past. Read more

Policy - 2022

This paper assesses the investment requirements for emerging markets and developing economies that are critical to their development and climate goals, arguing for a big-push investment programme to boost growth and meet global temperature targets. Read more

In this policy insight, the authors explain how rising to the climate and poverty challenges in tandem can generate great gains for people and the environment across continents and create new paths for sustainable development and poverty reduction – while delayed action on climate change will entrench poverty around the world. Read more

Policy - 2021

This letter from Lord Nicholas Stern to Aleksei Mozhin (Dean of the IMF Board) concerns recent discussions and reports concerning the role of Kristalina Georgieva in relation to the World Bank publication “Doing Business”. In the letter Lord Stern outlines why he has full confidence in Kristalina and in her continued leadership over the coming crucial years. Read more

This report sets out core elements of an overarching and integrated strategy for recovery from the COVID-10 pandemic and growth, as a contribution to the preparation for the G7 Summit taking place in Carbis Bay, Cornwall (11 to 13 June 2021). Read more

Policy - 2020

This paper examines the role of investment in physical, human, natural and social capital in the new phase of growth China is entering. It provides the beginnings of an analytical framework for key elements of this new growth story, examining how a focus on the four types of capital can help deliver prosperity through China’s 14th Five-Year Plan and Belt and Road Initiative. Read more

The first of two papers that offer an outline of strategies and policies for an innovative, sustainable and low-carbon approach to China’s development, this paper offers an approach that could spell out a new development strategy for the country as the 21st century progresses, to inform decision-making for China’s 14th Five-Year Plan. Read more

In advance of the Budget, this policy report highlights areas of the UK economy where the public sector could leverage private investment and in so doing contribute to achieving the strategic priorities of regionally balanced growth and decarbonisation. Read more

Policy - 2019

Economic assessments of the potential future risks of climate change have been omitting or grossly underestimating many of the most serious consequences for lives and livelihoods because these risks are difficult to quantify precisely and lie outside of human experience. This policy insight identifies and draws attention to these 'missing risks' and discusses how populations might fare in light of their potential to adapt in the face of these risks. Read more

Isabella Neuweg and Nick Stern describe the systemic reforms that could foster the investments in physical, human, natural and social capital that will drive forward China’s new era of high-quality, sustainable and inclusive growth and development. At the same time China can provide great support for its partner countries in the Belt and Road as they seek sustainable and inclusive development. Read more

Nicholas Stern contends that embarking on a path of strong, sustainable and inclusive growth can deliver the zero-carbon economy and the Sustainable Development Goals, and that such a strategy both requires, and can help create, a new internationalism. This is an extended version of a lecture by Professor Stern delivered in February 2019 at the University of Cambridge. Read more

Policy - 2018

This special report for the LSE Growth Commission shows why it is sensible for environmental sustainability to be at the heart of the UK’s growth strategy and how this can be achieved, setting out recommendations for government across the areas of innovation, infrastructure, skills and cities. Read more

Policy - 2017

Policy - 2016

Policy - 2015

Policy - 2014

Policy - 2012

Policy - 2011

Policy - 2010

Policy - 2009

Policy - 2007

Books

Books - 2015

Books - 2014

Books - 2011

Books - 2009

Books - 2006

Events

Events - 2023

Events - 2022

Events - 2021

Events - 2020

Events - 2019

Events - 2018

Events - 2017

Events - 2016

Events - 2015

Events - 2014

News

News - 2024

News - 2023

News - 2022

With a new Prime Minister in Number 10, Nick Stern argues that public policy must be based on the recognition that private markets will be the primary drivers of investment and innovation to power change in the UK towards a clean, resilient and inclusive economy. Now the Government needs to create the right conditions for private finance as it works towards its complementary objectives of growth, net zero and levelling up. Read more

News - 2021

In this editorial article for China Daily Nicholas Stern and Xie Chunping assess the importance of the joint declaration by China and the United States of their determination to work together to tackle climate change. The declaration was made during the COP26 climate summit in Glasgow. Read more

News - 2020

Investing in clean energy systems and technologies is just as urgent a priority for fragile and conflict-affected situations as it is for more stable environments, and a positive feedback loop exists between securing access to clean energy, state-building and peace, argue Camilla Sacchetto, Nicholas Stern and Charlotte Taylor. Read more

Finance ministers have a unique opportunity to design and implement comprehensive stimulus packages that can drive a strong recovery and build a better future: so argues a new paper prepared at the request of the co-chairs of the Coalition of Finance Ministers for Climate Action and summarised in this commentary. Read more

News - 2019

News - 2018

News - 2017

News - 2016

News - 2015

Rajat Kathuria (of the Indian Council for Research on International Economic Relations) and Lord Stern argue that India is at a crossroads and can either continue down the carbon-intensive development agenda with huge health implications, or reap the economic benefits of low-carbon growth that could lead to healthy, liveable cities, free from the toxic smog that now envelops them. Read more

News - 2014

News - 2013

Europe has a golden opportunity to re-ignite growth by investing in the transition to a low-carbon economy. With interest rates at low levels, relatively high unemployment and liquidity in the private sector, governments can unleash economic activity through sound and credible policies that encourage investment in its energy infrastructure. Read more

News - 2012

As part of the Lionel Robbins Memorial Lectures 2012, Nicholas Stern will give three lectures over three successive days (Tuesday 21, Wednesday 22 and Thursday 23 February). Five years on from the Stern Review, there have been important changes in the world, which are likely to have a profound impact on our response to the two defining challenges of the century, overcoming poverty and managing climate change. Lord Stern will discuss how we can bring economics and political economy to the analysis of our response to these challenges in the context of a special but difficult decade in the global economy. Hosted by the Centre for Economic Performance (CEP). Read more

News - 2011

News - 2010

News - 2009

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