Previous reports – notably the hugely influential 2006 Stern Review – have put the costs to the global economy caused by ‘climate change’ at between 5 and 20 percent of world GDP.
But the latest estimates, to be published by Working Group II of the IPCC’s Fifth Assessment Report, say that a 2.5 degrees Celsius rise in global temperatures by the end of the century will cost the world economy between just 0.2 and 2 percent of its GDP.
If the lower estimate is correct, then all it would take is an annual growth rate of 2.4 percent (currently it’s around 3 percent) for the economic costs of climate change to be wiped out within a month.
This admission by the IPCC will come as a huge blow to those alarmists – notably the Stern Review’s author but also including everyone from the Prince of Wales to Al Gore – who argue that costly intervention now is our only hope if we are to stave off the potentially disastrous effects of climate change.
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