The Cost of Climate Change

Global warming is likely to be back in the news tomorrow when Sir Nicholas Stern releases a new 700 page report on its economic impact. The BBC reports (1,2) that Stern will warn that it is already to late to avoid some negative effects of warming. The world will have lost 20% from GDP expected from normal growth. He will be recommending economic action spending 1% of GDP to counter these effects. British Environment Secretary David Miliband warns that delaying action against climate change will further increase costs.
In reaction, the Sunday Times says it is Time to be big and bold. The National Association of Manufactures is already trotting out the junk science label and warning against an overheated reaction.