Stern Review for Global warming=5% of global GDP a year

November 1, 2006

A new twister in the impact of Global warming on the economy coming from Sir Howard Stern the former Chief Economist Officer at the World Bank. In his report you will discover that
Using the results from formal economic models, the Review estimates that if we don’t
act, the overall costs and risks of climate change will be equivalent to losing at least
5% of global GDP each year, now and forever. If a wider range of risks and impacts
is taken into account, the estimates of damage could rise to 20% of GDP or more.

check some positive reaction from references

"If the world is waiting for a calm, reasonable, carefully argued approach to climate change,
Nick Stern and his team have produced one. They outline a feasible adjustment policy at
tolerable cost beginning now. Sooner is much better."
Robert M. Solow
Nobel Prize economist 1987
"The Stern report shows us, with utmost clarity, while allowing fully for all the uncertainties,
what global warming is going to mean; and what can and should be done to reduce it. It
provides numbers for the economic impact, and for the necessary economic policies. It
deserves the widest circulation. I wish it the greatest possible impact. Governments have a
clear and immediate duty to accept the challenge it represents."
James Mirrlees
Nobel Prize economist 1996
“The stark prospects of climate change and its mounting economic and human costs are
clearly brought out in this searching investigation. What is particularly striking is the
identification of ways and means of sharply minimizing these penalties through acting right
now, rather than waiting for our lives to be overrun by rapidly advancing adversities. The
world would be foolish to neglect this strong but strictly time-bound practical message.”
Amartya Sen
Nobel Prize economist 1998
“The Stern Review of the Economics of Climate Change provides the most thorough and
rigorous analysis to date of the costs and risks of climate change, and the costs and risks of
reducing emissions. It makes clear that the question is not whether we can afford to act, but
whether we can afford not to act. To be sure, there are uncertainties, but what it makes clear
is that the downside uncertainties—aggravated by the complex dynamics of long delays,
complex interactions, and strong non-linearities—make a compelling case for action. And it
provides a comprehensive agenda—one which is economically and politically feasible—
behind which the entire world can unite in addressing this most important threat to our future
well being.”
Joseph Stiglitz
Nobel Prize economist 2001

Thanks Mr Stern  to attach a cost to a such complex issue.
At the grassroot level,One day in Canada we should install a counter for water consumption in each canadian household like in every developed countries to attach a value to this precious source of life….clean water resources is not infinite.

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