Unchecked global warming will devastate the world economy on the scale of the world wars and the Great Depression, a major British report said Monday.
LONDON -- Unchecked global warming will devastate the world economy on the scale of the world wars and the Great Depression, a major British report said Monday.
Introducing the report, British Prime Minister Tony Blair said unabated climate change would cost the world between 5 percent and 20 percent of global gross domestic product each year.
He called for "bold and decisive action" to cut carbon emissions and stem the worst of the temperature rise.
Report author Sir Nicholas Stern, a senior government economist, said that acting now to cut greenhouse gas emissions would cost about 1 percent of global GDP each year.
"Our actions over the coming decades could create risks of major disruption to economic and social activity, later in this century and in the next, on a scale similar to those associated with the great wars and the economic depression of the first half of the 20th century."said Stern's 700-page report, an effort to quantify the economic cost of climate change.
Source: Associated Press