The climate crisis will destroy our economies – we learned this 20 years ago. When will we act? | Fiona Harvey

The radical Stern report showed that a low-carbon future is also good economics. But it seems that capitalism needs a reminder

Saving the only planet we have makes good economic sense. There is, after all, no money to be made on a dead Earth. There may be costs involved now, but they are worth paying to protect our children from certain destruction.

These propositions seem self-evident now. But two decades ago, mainstream economists had very different ideas. They had proved that the climate crisis would be a mere economic blip, easily absorbed by growing economies and therefore not worth spending money on. In their accounting, they considered ice caps and glaciers functionally worthless, that trees only add to GDP when they are cut down, and that a livable climate shouldn’t even merit a line on a spreadsheet.

Fiona Harvey is an environment editor at the Guardian