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“This latest IPCC report, like Stern before it, confirms that we have a range of technologies available to us to take decisive action on cutting carbon emissions. It yet again sets out the urgency of the need to act and makes clear that a range of technologies and policy approaches are available to take effective action in the short and medium term. Many of these actions, such as energy efficiency, are available to us at a net benefit to the economy, while some, like the mass deployment of renewables and the development of carbon capture and storage, will require further financial support. However, even the more expensive options today will reduce in cost with time thanks to innovation, economies of scale and learning by doing, creating significant business opportunities. Overall it should act as a powerful reminder to policy makers around the world that the cost of action today is small compared to the potential costs of delay. The report provides a timely and welcome reminder that a long-term carbon price is essential to ensure present and future energy investment decisions are low carbon ones.”
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