Failing to curb the impact of climate change could damage the global economy on the scale of the Great Depression or the world wars by spawning environmental devastation that could cost 5 to 20 percent of the world's annual gross domestic product.
Nicholas SternI think that once people understand the great risks that climate change poses, they will naturally want to choose products and services that cause little or no emissions of greenhouse gases, which means 'low-carbon consumption.' This will apply across the board, including electricity, heating, transport and food.
Nicholas SternClimate change is a result of the greatest market failure the world has seen...We risk damages on a scale larger than the two world wars of the last century.
Nicholas SternLooking back, I underestimated the risks. The planet and the atmosphere seem to be absorbing less carbon than we expected, and emissions are rising pretty strongly. Some of the effects are coming through more quickly than we thought then.
Nicholas Stern