"A report by economist Sir Nicholas Stern suggests that global warming could shrink the global economy by 20%. But taking action now would cost just 1% of global gross domestic product, the 700-page study says." More

Main points:

• On current trends, average global temperatures will rise by 2C to 3C within 50 years.
• If emissions continue to grow, the Earth could warm by several more degrees, with severe consequences that would hit poor countries most.
• Stabilising greenhouse gases in the atmosphere will cost about one per cent of annual global output by 2050. If no action is taken, climate change will reduce global consumption per head by between five and 20 per cent. advertisement
• The global power sector will have to be at least 60 per cent decarbonised by 2050 to stabilise greenhouse gases.
• Markets for low-carbon energy products are likely to be worth at least £265 billion per year by 2050.
• Worldwide incentives to encourage the use of new low-carbon technologies should be raised by two to five times from the current level of some £18 billion a year.
• Deforestation emissions are estimated to represent more than 18 per cent of global emissions, more than the global transport sector.
• The poorest developing countries will be hit earliest and hardest by climate change.