Billed as the most comprehensive review ever carried out on the economics of climate change, it was carried out by head of the Government Economic Service and former World Bank chief economist Sir Nicholas Stern. It warns that strong government policies and investment are needed, and that ignoring climate change will ultimately undermine economic growth.
The Review comes months after the Waste & Resources Action Programme (WRAP) commissioned a report to look at the best way of dealing with waste in order to minimise CO2 emissions.
WRAP found that recycling in the UK saved the equivalent of 10 15 million tonnes of CO2 gases a year compared to other waste management options. The review could therefore encourage investment and research into the waste sectors efforts at reducing CO2 emissions.
Stern said: Governments, businesses and individuals all need to work together to respond to the challenge. Strong, deliberate policy choices by governments are essential to motivate change.
The review focuses on the impacts and risks arising from uncontrolled climate change and the costs and opportunities associated with action needed to tackle it.
It suggests policy approaches including carbon pricing; technology policy to help drive development and innovation; and the removal of barriers to energy efficiency through informing, educating and persuading individuals about what they can do.
Friends of the Earth economy campaigner Simon Bullock said: "Government can make it easier and cheaper for business, for industry and for individuals to reduce their carbon emissions - and the pre-budget speech is an opportunity to do so."