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Unknown #2

The high cost of doing nothing

Food, Love and Policy By Unknown #2 on October 30, 2006
When the Bush administration rejected the Kyoto agreement on the environment, it argued that adhering to the protocol would undermine economic development and threaten our economy. Now, a new report suggests that failing to act immediately to ward off further global warming will have a much greater economic impact, potentially triggering a global crisis similar to the Great Depression. Link: No climate action may spark economic crisis: report - Yahoo! News.
The report, prepared for the government of Tony Blair, puts the cost of containing greenhouse gas emissions at 1% of annual global output by the year 2050, but predicts that failing to stop the rise in global temperatures will cause a cut in global consumption per person between 5% and 20%.
New UN climate talks are scheduled for Nairobi in November. These are considered a prelude to efforts to negotiate a successor to the Kyoto protocol, which will expire in 2012.


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