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IPCC chief: Benefits of tackling climate change will balance cost of action
Measures needed to tackle global warming could save economies more money than they cost, the world's top climate change expert said today.
Rajendra Pachauri, the head of the Intergovernmental Panel on Climate Change (IPCC), told the Guardian: "The cost could undoubtedly be negative overall." This is because of the additional benefits that reducing greenhouse gas emissions could bring, beyond limiting temperature rises.
Until now, estimates of the price of preventing dangerous climate change have all indicated significant costs. The most authoritative study, the 2006 Stern report, concluded that 1% of global GDP would be required, and he has since said 2% is now more likely.
Pachauri's comments came ahead of a press announcement in New York today about the IPCC's plans for its next series of reports in 2013. He said these would include a greater emphasis on the economics, as well as ethical and humanitarian concerns.
Funding for reducing and adapting to climate change in one of the most difficult issues in the negotiations towards a global deal at a UN summit in December in Copenhagen. But Pachauri argues that if the costs are negative, then "inertia and vested interests would be washed away. As the Americans say, it would be like dollar bills lying on the sidewalk."