A former World Bank official says global warming could cost the global economy up to 5,5 trillion euros (7 trillion dollars) if governments do not take drastic action over 10 coming years.
So, doing nothing to tackle climate change risks causing an economic crisis of the magnitude of 1930, says a UK report on the cost of climate change. The report by Nicholas Stern, a UK government economist, says the benefits of actions taken around the world to tackle climate change will far outweigh the costs. The 700-page report, to be released today, says whatever we do now, it's already nearly impossible to keep greenhouse gases at a level that scientists say would prevent the worst consequences. of climate change. He says that, contrary to what was argued by US President George Bush, who withdrew from the Kyoto Protocol, in part because he believes it would cost jobs, the world does not have to choose between fighting against climate change and economic growth. "The data the study found leads to a simple conclusion: the benefits of strong and swift action considerably outweigh the costs," says the report prepared for Prime Minister Tony Blair and Finance Minister Gordon Brown.
Guest of Sky News yesterday, UK Environment Minister David Milliband insisted on the importance of a "global, not national response" to the problem. "It is vital that the main emitters (of greenhouse gases) like the United States and growing economies like China or India are also part of the solution," he added.
The UN is due to open the November 6 in Nairobi climate talks that aim to find a follow-up to the Kyoto Protocol, which expires in 2012. Blair calls for a post-Kyoto deal that would include the United States - the world's largest emitter of greenhouse gases - as well as major developing countries such as China and India. Kyoto is hiring 35 rich countries to reduce their greenhouse gas emissions by five percent by 2008-2012 compared to 1990 levels. But many signatories to the Protocol are far from this goal.
According to Stern, if the current trend continues, average temperatures will increase by two to three degrees centigrade over the next fifty years. If emissions continue to rise, the Earth could heat up several more degrees with serious consequences that would hit poor countries first and foremost. The melting of glaciers would initially increase the risk of coastal flooding and then reduce the quantity of available water, threatening one sixth of the world population, mainly in the Indian subcontinent, part of China and the Andes. Declining harvests, particularly in Africa, could put hundreds of millions of people unable to produce or buy enough food. Rising sea levels could result in flooding every year tens or even hundreds of millions more people.
The report estimates that stabilizing greenhouse gases in the atmosphere will cost about one percent of global GDP by 2050. But if nothing is done, it will reduce consumption per person by five to twenty percent. Nicholas Stern advocates a coordinated international approach to combat climate change and stresses that efforts must be shared equitably between rich and poor. He suggests that the rich countries will take over 2050 from reducing 60's 80% emissions from 1990. Fighting global warming would bring new opportunities for the industry, says Stern, who estimates at least 500 billion annually by 2050 the market for low-carbon products. It advocates a doubling in the world of public spending on research and development of this type of product and a strong increase in incentives for their use. According to Stern it will be necessary to make pay the pollution by means of taxes or a regulation.
Source: http://www.banquemondiale.org/
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