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Climate change will ‘cost world far more than estimated’

Lord Stern, the world’s most authoritative climate economist, has issued a stark warning that the financial damage caused by global warming will be considerably greater than current models predict. This makes it more important than ever to take urgent and drastic action to curb climate change by reducing carbon emissions, he argues. Lord Stern, who wrote a hugely influential review on the financial implications of climate change in 2006, says the economic models that have been used to calculate the fiscal fallout from climate change are woefully inadequate and severely underestimate the scale of the threat. As a result, even the recent and hugely authoritative series of reports from the UN…