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Climate change fight 'can't wait' Climate change fight 'can't wait'
(10 minutes later)
The world cannot afford to wait before tackling climate change, the UK prime minister has warned.The world cannot afford to wait before tackling climate change, the UK prime minister has warned.
A report by economist Sir Nicholas Stern suggests that global warming could shrink the global economy by 20%.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.But taking action now would cost just 1% of global gross domestic product, the 700-page study says.
Tony Blair said the Stern Review showed the scientific evidence of global warming was "overwhelming" and its consequences "disastrous".Tony Blair said the Stern Review showed the scientific evidence of global warming was "overwhelming" and its consequences "disastrous".
Chancellor Gordon Brown promised the UK would lead the international response to tackle climate change.Chancellor Gordon Brown promised the UK would lead the international response to tackle climate change.
We have the time and knowledge to act but only if we act internationally, strongly and urgently Sir Nicholas Stern href="/1/hi/business/6096594.stm" class="">Analysis: A stern warning href="/1/hi/uk/6095680.stm" class="">Miliband draws up green tax plan 'No time to wait'
We have the time and knowledge to act but only if we act internationally, strongly and urgently Sir Nicholas Stern Analysis: A stern warning Milliband draws up green tax plan
The report says that without action, up to 200 million people could become refugees as their homes are hit by drought or flood.The report says that without action, up to 200 million people could become refugees as their homes are hit by drought or flood.
"Whilst there is much more we need to understand -- both in science and economics -- we know enough now to be clear about the magnitude of the risks, the timescale for action and how to act effectively," Sir Nicholas said. "Whilst there is much more we need to understand - both in science and economics - we know enough now to be clear about the magnitude of the risks, the timescale for action and how to act effectively," Sir Nicholas said.
"That's why I'm optimistic - having done this review - that we have the time and knowledge to act. But only if we act internationally, strongly and urgently.""That's why I'm optimistic - having done this review - that we have the time and knowledge to act. But only if we act internationally, strongly and urgently."
'No time to wait' Mr Blair said: "Investment now will pay us back many times in the future, not just environmentally but economically as well."
Mr Blair said: "Investment now will pay us back many times in the future - not just environmentally but economically as well." "For every £1 invested now we can save £5, or possibly more, by acting now. We can't wait the five years it took to negotiate Kyoto - we simply don't have the time. We accept we have to go further (than Kyoto)."
"For every £1 invested now we can save £5 - or possibly more - by acting now". "We can't wait the five years it took to negotiate Kyoto - we simply don't have the time. We accept we have to go further (than Kyoto)." Large risks
Sir Nicholas, a former chief economist of the World Bank, told BBC Radio Four's Today programme: "Unless it's international, we will not make the reductions on the scale which will be required."Sir Nicholas, a former chief economist of the World Bank, told BBC Radio Four's Today programme: "Unless it's international, we will not make the reductions on the scale which will be required."
He went on: "What we have shown is the magnitude of these risks is very large and has to be taken into account in the kind of investments the world makes today and the consumption patterns it has."He went on: "What we have shown is the magnitude of these risks is very large and has to be taken into account in the kind of investments the world makes today and the consumption patterns it has."
The Stern Review forecasts that 1% of global gross domestic product (GDP) must be spent on tackling climate change immediately.The Stern Review forecasts that 1% of global gross domestic product (GDP) must be spent on tackling climate change immediately.
It warns that if no action is taken:It warns that if no action is taken:
  • Floods from rising sea levels could displace up to 100 million people
  • Floods from rising sea levels could displace up to 100 million people
  • Melting glaciers could cause water shortages for 1 in 6 of the world's population
  • Melting glaciers could cause water shortages for 1 in 6 of the world's population
  • Wildlife will be harmed; at worst up to 40% of species could become extinct
  • Wildlife will be harmed; at worst up to 40% of species could become extinct
  • Droughts may create tens or even hundreds of millions of "climate refugees"
  • Droughts may create tens or even hundreds of millions of "climate refugees"
    • The study is the first major contribution to the global warming debate by an economist, rather than a scientist.The study is the first major contribution to the global warming debate by an economist, rather than a scientist.
    Mr Brown has recruited former US Vice President Al Gore as an environment adviser, while Environment Secretary David Miliband is considering a range of taxes designed to change people's behaviour to offset global warming. Mr Brown has recruited former US Vice President Al Gore as an environment adviser, while Environment Secretary David Milliband is considering a range of taxes designed to change people's behaviour to offset global warming.
    "In the 20th century our national economic ambitions were the twin objectives of achieving stable economic growth and full employment," Mr Brown said."In the 20th century our national economic ambitions were the twin objectives of achieving stable economic growth and full employment," Mr Brown said.
    "Now in the 21st century our new objectives are clear, they are threefold: growth, full employment and environmental care.""Now in the 21st century our new objectives are clear, they are threefold: growth, full employment and environmental care."
    He said the green challenge was also an opportunity "for new markets, for new jobs, new technologies, new exports where companies, universities and social enterprises in Britain can lead the world".
    "And then there is the greatest opportunity of all, the prize of securing and safeguarding the planet for our generations to come."