The Times October 30, 2006
'Cut carbon emissions now or face economic calamity later'By Greg Hurst
A STARK warning of the economic costs and damage to the world that could result from global warming will be set out today in a report to be submitted to the Government. Sir Nicholas Stern, the former chief economist at the World Bank, will advise that the costs of confronting climate change are far outweighed by those of failing to act in time. His 700-word report forecasts floods, famine, mass movement of people and the destruction of species if the Earth’s temperature continues to rise.
Gordon Brown, who commissioned the report, will accept its main recommendation for a global carbon-trading scheme to enforce limits on greenhouse gas emissions.
The Chancellor will also announce that Al Gore, the former US Vice-President, is to advise him on environmental policy. Sir Nicholas’s report, hailed as
the most comprehensive study of the economics of climate change yet, makes the case for early action to avoid a calamitous recession later. Acting now to cut carbon emissions would cost 1 per cent of global GDP a year; by doing nothing, the costs at the time would be a minimum of 5 per cent and as high as 20 per cent of GDP a year, he concludes.
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http://www.timesonline.co.uk/article/0,,2-2428092,00.html