Via WSJ, Sir Nicholas Stern says he underestimated the risks of climate change in his influential report.

"We underestimated the flow of emissions from developing countries, especially China," he said, observing that emissions of greenhouse gases from China over the next 25 years will equal the total emissions from the U.S. and Europe over the last century. Emissions from developing countries and developed countries must be capped, he said, but the ethics of allocating the pain are delicate. "If you’re consuming the goods, you can’t blame the location of the factory," he argued.

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