Climate change: US economist's grim warning to Blair's Cabinet

[cal04]

The stark findings of Nicholas Stern's report yesterday increased the pressure on the PM to act

Global warming could cost the world's economies up to 20 per cent of their gross domestic product (GDP) if urgent action is not taken to stop floods, storms and natural catastrophes.

That stark warning was given to Tony Blair and his cabinet yesterday by Sir Nicholas Stern, a former World Bank economist, and is said to have left cabinet ministers chastened by the magnitude of the threat posed by climate change.

In a preview of a report he is to deliver next Monday, Sir Nicholas told the Cabinet the world would have to pay 1 per cent of its annual GDP to avert catastrophe. But doing nothing could cost 5 to 20 times that amount. He told them: "Business- as-usual will derail growth."

The massive 700-page report - commissioned by the Chancellor, Gordon Brown - was described as "hard-headed" and "frighteningly convincing". It focused on the economic peril now confronting the world, unless action was taken to combat harmful CO2 emissions that contribute to global warming.

http://news.independent.co.uk/environment/article1932727.ece

[phantom power]

1. More like "at least 20%"

[Viking12]

2. more from the Guardian (via common dreams)

http://www.commondreams.org/headlines06/1026-04.htm

[Kolesar]

3. Only 1% of GDP to ameliorate/prevent catastrophe

What a bargain. We could skip a few consumer goods and never miss that.