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Leading economist releases report on the future economics of climate change
Sir Nicholas Stern, a former chief economist at the World Bank, has published a report concluding that unless drastic measures are taken to combat climate change, the world could be facing enormous economic, environmental and social risks.
He calculates that the "business as normal" scenario – e.g. doing nothing – could lead to a loss of 20% GDP (around £3.68 trillion) whilst acting now would cost around 1% of GDP. He recommends long term investments into renewable energy and energy efficiency as being essential to any plans.
The report has been considered as vital in illustrating the climate change crisis, with it being the first to explain the stark economic consequences, as well as focussing on the social and environmental issues.
For further information see the Publication of the Stern Review's final report.