The former World Bank chief economist warned that global warming could shrink the global economy by 20%. But that action taken now could limit the damage done to the world economy to 1% of GDP.
The government clearly needs to bring in a Climate Change Bill now – and the Bill needs to have teeth, setting annual targets for CO2 emission reductions. So I was pleased to hear Gordon Brown’s promise that the UK would lead the international response to tackle climate change. But I have to say that I am not convinced. Government inaction to date speaks volumes.
Unlike the Government, the Lib Dems policy is very clear. You can read our proposals to tackle climate change on the website: http://www.libdems.org.uk/environment/issues/
Headlines from the Stern Review
- Global temperatures have risen by half a degree Celsius as a result of carbon emissions
- They are likely to continue to rise between two and three degrees - possibly more - over the next 50 years if we don’t act now
- The temperature increase would be likely to melt the polar ice caps, raising sea levels by up to 7m (23ft) enough to permanently displace 200 million people
The economic impact of this would be: - A global slow down in economic output of at least 3%, and up to 10% if temperatures rise by five degrees Celsius
- The poorest countries losing more than 10% of their output
- To stabilise at manageable levels, emissions would need to stabilise in the next 20 years and fall between 1% and 3% after that.
- This would cost 1% of GDP
