LONDON, Oct. 27 (UPI) -- A noted British economist is warning that global warming can erode up to 20 percent of the world's gross domestic product.
Sir Nicholas Stern, a former World Bank economist, said action needs to taken immediately to prevent the disasters that would arise from floods, storms and other natural catastrophes brought on by a warmer world, reports the Independent newspaper.
In a 700-page report for the government of Prime Minister Tony Blair, Stern said the world would have to pay 1 per cent of its annual GDP to avert disaster. But doing nothing would cost up to 20 times that amount.
Stern's massive report, commissioned by British Chancellor Gordon Brown, was described as "hard-headed" and "frighteningly convincing."
One source told the Independent: "He left no one in any doubt that doing nothing is not an option. And he stressed that the need for action was urgent."
The report said Brown hopes the report would convince U.S. President George Bush's administration of the need for action to curb climate change.
