Climate protection is affordable inaction is not

Lord Nicholas Stern, the former chief economist of the World Bank, has shown that, ultimately, neglecting climate protection would lead to devastating consequences (Stern et al, 2006). He placed the global costs of an unchecked climate change at an annual 5 to 20 per cent of the gross world product - an economic damage greater than the impacts of World War I and II and the Great Depression combined. The costs of climate protection, on the other hand, would be only 1 per cent of the gross world product. The question, therefore, is no longer whether we can afford climate policy. The question is: can we afford climate change?

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