Climate change could shrink the global economy by 20%

The world cannot afford to wait before tackling climate change, the UK prime minister has warned.

A report by economist Sir Nicholas Stern suggests that global warming could shrink the global economy by 20%.

But taking action now would cost just 1% of global gross domestic product, the 700-page study says.

Tony Blair said the Stern Review showed the scientific evidence of global warming was "overwhelming" and its consequences "disastrous".

The report said that rich countries must shoulder most of the responsibility for greenhouse gas emissions.

And chancellor Gordon Brown promised the UK would lead the international response to tackle climate change......

A summery of the report:

TEMPERATURE

# Carbon emissions have already pushed up global temperatures by half a degree Celsius

# If no action is taken on emissions, there is more than a 75% chance of global temperatures rising between two and three degrees Celsius over the next 50 years

# There is a 50% chance that average global temperatures could rise by five degrees Celsius

ENVIRONMENTAL IMPACT

# Melting glaciers will increase flood risk

# Crop yields will decline, particularly in Africa

# Rising sea levels could leave 200 million people permanently displaced

# Up to 40% of species could face extinction

# Increased examples of extreme weather patterns

ECONOMIC IMPACT

# Extreme weather could reduce global gross domestic product (GDP) by up to 1%

# A two to three degrees Celsius rise in temperatures could reduce global economic output by 3%

# If temperatures rise by five degrees Celsius, up to 10% of global output could be lost. The poorest countries would lose more than 10% of their output.

# In the worst case scenario global consumption per head would fall 20%

# To stabilise at manageable levels, emissions would need to stabilise in the next 20 years and fall between 1% and 3% after that. This would cost 1% of GDP.

Source: BBC News

Good to hear that at least one mighty nation is starting to take global warming seriously.

Our scientists seem divided along political lines: Those who believe action must be taken now, and those who believe that global warming is just a myth made up by the Democrats to smear Bush's good name.

All it takes is for one scientist a few years ago to say, "there is no significant proof that global warming exists"; and greedy politicians will quote him forever - even if newer research exists.