Economic reality of climate change
Sir Nicholas Stern, a former World bank economist, has released a detailed study into the cost faced by the world if it does not move urgently to deal with climate change.
The report, regarded by many experts as the most rigorous piece of financial work to date, warns that the world will suffer a multi-trillion pound bill for its failure to curb CO2 emissions effectively.
At a meeting in Mexico yesterday, Mr. Stern warned leaders of the world's 20 most polluting nations, that it would cost the earth literally and have huge financial implications if they did not act now.
The report has been presented as the final nail in the coffin of the US administrations argument that it can not afford to sign up to the Kyoto protocol unless China and India are part the agreement too.
It is expected that the findings will be used politically by the UK to push the Bush administration into action because Stern's calculations clearly shows that it makes financial sense to act now.
4th October 2006
