Our new Marketplace Crash Course is here to help. Sign-up for free, learn at your own pace.
TEXT OF STORY
MARK AUSTIN THOMAS: Climate change could cost the world economy more than $6 trillion unless drastic international action is taken now. That’s the thrust of a major study commissioned by the British government being released today. From London, Marketplace’s Stephen Beard reports.
STEPHEN BEARD: The study accepts that dramatic climate change is not certain to happen, but says the risk of its undeniable.
And the economic consequences could be dire: It could over time trigger the world’s worst recession since the 1930s, shrinking the global economy by 20%.
The report calls for world greenhouse gas emissions to be cut by three quarters over the next 50 years. That would cost the global economy about 1% of its annual growth. Not a bad insurance policy says economist John Hawkesworth,
JOHN HAWKESWORTH: By giving up six to 12 months of economic growth in the long-term you can actually mitigate very significantly those risks. So just like taking out insurance on your house or whatever, it seems like a pretty good deal economically.
The British Government has backed the study and appointed former U.S. Vice President Al Gore as an adviser, a clear attempt to win more American support for the battle against climate change.
In London, this is Stephen Beard for Marketplace.
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.