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March 13, 2009

Report: Global Warming Inaction Could Cost 1/3 of World GDP
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The author of an authoritative study on climate change says he
underestimated the dangers of global warming. In 2006, the British
economist Lord Stern wrote the Stern Review on the Economics of Climate
Change, which argued the costs of fighting climate change would amount
to one percent of annual global GDP by 2050. By contrast, the report
said the cost of doing nothing would amount to up to 20 percent of world
GDP. But speaking at a UN meeting in Copenhagen, Stern revised the
latter figure, saying the cost of inaction could be up to a third of the
world’s wealth.



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