Saturday, October 28, 2006

A stitch in time in time saves 20: UK Govt. advises 1% GDP global warming budget

A British Government report by Sir Nicholas Stern, a former World Bank chief economist, to be published on Monday, warns that countries will need to spend 1 per cent of their GDP over the next 15 to fight global warming to prevent having to spend twenty times that: :::[SMH]
The 700-page report proposes a global carbon trading scheme, increased regulation of carbon-emitting products and green taxes as part of national and international strategies to fight global warming.

Sir Nicholas, a former World Bank chief economist, seeks to overturn conventional thinking by arguing that fighting climate change will save, not cost, money.

Whitehall sources told The Independent that the report was hard-headed. "It didn't deal in sandals and brown rice. It stuck to the economics."

Insurance analysts said in evidence to Sir Nicholas that they feared insurance claims caused by storms, droughts and other natural disasters could exceed the world's GDP.

Sir Nicholas believes a window of 10 to 15 years exists to save the global economy from severe damage - but after that it will be too late, Mr Swan said.

Stay tuned for the report.

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