A report, entitled ‘The economics of climate change’, prepared for the British Government in late 2006 by a team under the chairmanship of Sir Nicholas Stern. Its principal finding is that in terms of both national and global economies, early action to mitigate the effects of climatic change minimizes the overall economic repercussions. The cost of early action would be c.1 per cent of GDP, whereas delayed action could result in the loss of 10 per cent (or more) of global output. The report has been welcomed by various governments as an extremely valuable contribution for determining policies and actions.
Subjects: Meteorology and Climatology.