New climate report urges preparedness
| 10.30.2006 | 22:02:01 | Views: 3060 | ID:
October 31 '06: A new report on global climate change has found that severe weather causing droughts, flooding and rising sea levels could endanger coastal communities while putting severe strains on local economies, first responder organizations, business and government the BBC reported Tuesday.
The report, authored by Sir Nicholas Stern, "suggests that global warming could shrink the global economy by 20%" if no measures are taken to reduce carbon emissions.The report released in Britain on Monday found that preventative measures to combat global warming would be expensive - though not nearly as expensive as reactionary measures taken in the future. The study also found that total costs for preventative measures to reduce the emission rates and levels of carbon dioxide around the world would cost 1% of global gross domestic product. The BBC reported "without action, up to 200 million people could become refugees as their homes are hit by drought of flood." The Washington Post ran a Reuters article which reported that the Bush administration "gave a nod" to the report - though the stated goals "on climate change amount to business as usual" and that there would be little action taken by the US. However, in financial markets, global climate change is beginning to influence businesses. The Financial Times reported last Thursday, "Morgan Stanley, the investment bank, announced a $3bn plan to invest in the carbon trading market amid mounting evidence that some US states are growing more sympathetic to international action." In addition to Morgan Stanley's efforts, the Times reported that the EU has urged it's member states "to reach the targets on emissions agreed under the Kyoto Protocol." The British report outlined several efforts that could be taken to help reduce carbon emissions in the EU. Of those, a 30% reduction of green house gases by 2020; having 5% of all British automobiles run on biofuels; and international cooperation to reduce emissions and introduce carbon trading. Other initiatives in the US include a joint partnership between California and the UK to reduce carbon emissions and a cooperative effort by states in the Northeast.
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