· Damage forecast to cost 8% of global GDP by 2100
· UK ‘faces droughts and floods costing billions’
Larry Elliott, economics editor
Friday October 13, 2006
Failure to take action to combat climate change will cause environmental catastrophe and cost the global economy $20 trillion (£10.8 trillion) a year by the end of the century, the pressure group Friends of the Earth says today.
In a report based on research from more than 100 scientific and economic papers, the group says allowing global warming to continue unchecked will mean a temperature rise of 4C by 2100, causing economic damage worth up to 8% of global GDP.