CTV News:
Global warming could devastate the world economy on a scale we haven't seen since the world wars and the Great Depression, a major report by a British economist says.
Sir Nicholas Stern, the report's author and a senior government economist, said unchecked global warming could shrink the global economy by 20 per cent -- and cost a whopping $7 trillion in lost output.
The good news is that avoiding this won't really cost all that much, considering:
However, taking action now would cost just one per cent of global gross domestic product, Sterns says in his 700-page study.
British Prime Minister Tony Blair, who introduced the report today, called for "bold and decisive action" to cut carbon emissions and stem the worst of temperature rise.
He said the Stern Review showed scientific evidence that global warming was "overwhelming" and its consequences "disastrous."
But that's the UK. Here in the US, where sound science never goes unchallenged by crazies, the free market moonies over at the Cato Institute have decided to lend an unwelcome and unhelpful hand...
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Tags: news politics global warming environment disaster economy corporations propaganda Cato Institute
