A report commissioned by the British government reveals that, if we don't act on global warming, it could cost the world $9 trillion and cause a downturn like the Great Depression.
Clean energy is the answer to climate change.
The Stern Review on the Economics of Climate Change, by former World Bank chief economist, Sir Nicholas Stern, was commissioned by the UK government in July 2005. Released on 30 October, 2006, the review examines the economic, social and environmental impacts of climate change.
The 700-page review focuses on the economic consequences of global warming, concluding that inaction could cost the world more than $9 trillion.
"If we don't take global action... we will be faced with the kind of downturn that has not been seen since the Great Depression and the two world wars."
Chief UK scientist, David King
The small cost of urgent action
The Stern Review directly contradicts the skeptics line on climate change: that taking action will damage the economy.
The Stern Review found that not taking action will devastate global economies.
The review also assesses the costs and benefits of actions to reduce global greenhouse gas emissions. In an interview prior to the review's release, Chief UK scientist, David King, said the review indicates that "if we don't take global action... we will be faced with the kind ofdownturn that has not been seen since the Great Depression and the two world wars".
He described the Stern Review as the most detailed economic analysis that has been conducted and said it would "surprise many people in terms of the relatively small cost of action".
The review warns that the problem is so urgent that a successor to the Kyoto Protocol must be signed next year, not in 2010 or 2011 as planned.
Read the Stern Review summary of conclusions
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