Climate catastrophe to cost trillions by 2100

A NEW REPORT by green political pressure group Friends of the Earth is today saying that the apathy and lack of action concerning fighting climate change will cost the global economy $20 trillion dollars (£11 trillion) a year by the end of the century.

The report, dubbed Climate Change - the Costs of Inaction, was put together by economists at the Global Development and Environment Institute at Tufts University in the US, specifically for the Friends of the Earth's "The Big Ask" climate campaign. Although the cost of economic damage is astonishing, it's an estimate. The concerned boffs at Tufts University say that the true costs of climate change are, in fact, incalculable. Still, 6-8% of the global economic output is no figure to laugh at.

According to the Friends of Earth, if £1.6 trillion is spent per year to keep temperatures in check, limiting temperature increases to two degrees, damages could be reduced by £6.4 trillion

Mike Childs, head of campaigns at Friends of Earth, said in a press release that the report makes clear that climate change won't only cause trouble for the environment and society, but also "an economic catastrophe, especially if global temperatures are allowed to increase by more than 2 degrees centigrade."

It's time for the UK government to take some real steps, reckons the group. You can read more here. µ