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British report: Humanity will pay a heavy price for the consequences of global warming.

2007-06-27

If governments continue to ignore the impacts of global warming over the next decade, humanity will pay a devastating price. A research report to be released on the 30th by former World Bank chief economist Stern indicates that the cost could reach $6.98 trillion.

Stern's report, exceeding 700 pages, pioneered the analysis of global warming by a leading economist. The British weekly magazine *The Observer* published excerpts of the report, pointing out that frequent floods and droughts could displace over 200 million people globally. The global economy would also be dragged down, suffering a severe downturn.

The weekly magazine also quoted British authorities as saying: "Just like the frenzy that swept the scientific community two years ago over global warming, this issue will also spark widespread discussion in the economics community."

The report points out that the price humanity will pay for global warming will exceed that of World War I and II or the Great Depression of the 1930s. Even if governments immediately stop polluting the planet, the accumulated carbon dioxide emissions will continue the warming effect for another 30 years, and sea levels will continue to rise for the next 100 years.

With global warming becoming an urgent issue, Stern suggested that countries should sign a new agreement following the Kyoto Protocol next year, instead of waiting until 2010 as originally planned. Stern urged the world to establish international standards not only to halt the rapid rise in temperatures but also to reduce the carbon footprint of the atmosphere. He stressed that decisive action from the international community is essential to solving the problem.

(Reposted from Yahoo News)

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