A report to be published today warns of the economic costs of ignoring climate change
The Stern Review, which is published on Monday, will say the key to solving the crisis is getting the big polluting countries, such as the US and China, to cut their emissions.
Sir Nicholas will say the polluters must be made to “pay the price” for the problems they are causing the planet.
The report warns unless the world moves to cut green house gases it is heading for a “catastrophic climate change” which would create the worst global recession ever seen.
The Stern Review forecasts that 1% of global gross domestic product (GDP) must be spent on tackling climate change immediately.
It warns that if no action is taken:
- Floods from rising sea levels could displace up to 100 million people
- Melting glaciers could cause water shortages for 1 in 6 of the world’s population
- Wildlife will be harmed; at worst up to 40% of species could become extinct
- Droughts may create tens or even hundreds of millions of ‘climate refugees’
The study is the first major contribution to the global warming debate by an economist, rather than a scientist.