Stern's report: 'If we act now, we can avoid the very worst'

[spindrifter]

The Times October 31, 2006

By Lewis Smith, Environment Reporter

THE economic wellbeing of Britain and the rest of the world depends on changing to a low-carbon global economy, the Government’s chief economist said in a report published yesterday.

Sir Nicholas Stern described climate change as the “greatest and widest-ranging market failure ever seen”, but said that action could and should be taken to avert the worst effects.

In The Economics of Climate Change, commissioned by the Treasury, Sir Nicholas said that the problem could be tackled without stunting economic growth.

He concluded that spending 1 per cent of gross domestic product each year on tackling climate change would save 5 to 20 per cent of GDP by the end of the century, but that Britain could not act alone — it required internationally agreed measures.

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