//Climate Change May Cost World $9.6 Trillion, UK Report Says

Climate Change May Cost World $9.6 Trillion, UK Report Says

British report calls for radical action on environment

Sir Nicholas SternA report written for the British Treasury by former World Bank chief economist Nicholas Stern warns that global warning is likely to cause an economic upheaval greater than the Great Depression or either of the world wars.

He outlines a number of future scenarios which could result from unchecked global warning, including massive flooding which causes hundreds of millions of refugees to flee from coastal areas.

However, Sir Nicholas insists that the report is essentially optimistic.

"There is still time to avoid the worst impacts of climate change, if we act now and act internationally. 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."

Sir Nicholas calls for a number of measures to fight climate change, including the reduction of Europe-wide emissions by 60 per cent by 2050. He believes that around 1 per cent of global Gross Domestic Product (GDP) will have to be allocated to addressing climate change.

Full Report can be downloaded from here 

Presentation slides by Sir Nocholas