Stern Review: Economics of Climate Change  1 January 2010

The IPCC received a Nobel Peace Prize in 2007, which is a strong recognition of their work for humanity. You will now find that every political leader in the world knows that climate change is happening. Some of them may be paying lip service to the issue but they know it is important. One of the key things that convinced politicians was an economic paper: the Stern Review on the Economics of Climate Change. The conclusions of this paper were that climate change will cost between 5% and 20% of global GDP(Gross Domestic Product), each year (now and forever), if we don’t do anything about it. This compares to a cost of 1% of global GDP to do something about it if we start now. There is nothing quite like hitting our leaders in the wallet to persuade them to start taking it seriously!