This statement is issued by a group of economists and scientists which met at Stanford University on October 18, 2008 to discuss the role of research and development (R&D) in developing effective policies for addressing the adverse potential consequences of climate change. We believe that climate change is a serious issue that governments need to address. We also believe that research and development needs to be a central part of governments’ strategies for responding to this challenge. Solutions to manage long-term risks will require the development and global deployment of a range of technologies for energy supply and end-use, land-use, agriculture and adaptation that are not currently commercial. A key potential benefit of focused scientific and technological research and development investment is that it could dramatically reduce the cost of restricting greenhouse gas emissions by encouraging the development of more affordable, better performing technologies.