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| Version | User | Scope of changes |
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| Jun 16 2008, 2:21 AM EDT (current) | Editor/Admin | 130 words added |
| Jun 16 2008, 2:20 AM EDT | Editor/Admin |
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2006: The United Kingdom’s Economics and Finance Ministry has released the “Stern Review: The Economics of Climate Change,” which assesses a wide range of evidence on the economic impact of climate change using various analytical techniques to appraise the costs and risks.
Applying formal economic models, the Review estimates that a lack of action will result in a loss of 5% of the global GDP every year, while a broader umbrella of risks and impacts could take this figure to 20% or more.
In contrast, the cost of reducing greenhouse gas emissions to avoid the worse impact on the climate can be limited to only 1% of the global GDP each year.
The Review concludes the benefits of strong and early action far outweigh the economic costs of remaining idle.
Applying formal economic models, the Review estimates that a lack of action will result in a loss of 5% of the global GDP every year, while a broader umbrella of risks and impacts could take this figure to 20% or more.
In contrast, the cost of reducing greenhouse gas emissions to avoid the worse impact on the climate can be limited to only 1% of the global GDP each year.
The Review concludes the benefits of strong and early action far outweigh the economic costs of remaining idle.
