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Global warming could cost 20 percent of GDP, British cabinet told
LONDON (AFP) – Lack of action by the world over climate change could cost countries up to a fifth of their gross domestic product, a former
World Bank chief economist told the British cabinet, The Independent reported.
Nicholas Stern told Prime Minister
Tony Blair and his cabinet colleagues on Thursday, in a preview of a report he is due to deliver on Monday on the economic consequences of climate change, that it would cost the world one percent of its annual
GDP to fight off global warming.
Doing nothing, however, would cost between five and 20 times that amount.
The contents of Stern’s report, commissioned by the British finance ministry, have been kept secret since being revealed to the world’s environment ministers at a conference in Mexico earlier this month.
One Comment on "Global warming could cost 20 percent of GDP, British cabinet told"
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