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Climate Change Financial Crisis May Prove Worse Than Both World Wars

Climate Change Financial Crisis May Prove Worse Than Both World Wars

According to The Prime Minister of Britain, Gordon Brown, The world is in for much trouble if climate change is not soon dealt with effectively. His speech at an International meeting on climate change in London he said world leaders need to finally agree on ways to thwart the global warming crisis.

According to Brown, a failure to handle the issues would not just mean unimaginable deaths as a result of flooding and drought, but it would trigger an economic crisis far bigger than the current recession. He states that the danger is not simply civilization based and environmental, but also an economical problem unlike anything we have experienced. The inaction to stop the worst scenarios of climate change could result in a global GDP that is twenty percent lower than it should normally be – in economic costs, greater than the losses incurred by both World Wars and the Great Depression. He also said that there should be little doubt that the world is in a precarious position and a time of momentous choice.

The United Nations Climate Change Conference being held in Copenhagen this December will unite one hundred and ninety countries looking to come together on a new commitment to embark upon resolutions for global warming. Currently any discussion is stalemated by wealthy countries such as the United States refuse to sign on for tough carbon emission targets if developing countries such as China will not take adequate steps, claiming to be waiting for the super powers to make a move first.

In an eleventh hour chance to reach agreements from various countries, officials from seventeen countries met in the UK for the Major Economic Forum. Brown stated he would be attending the Copenhagen summit and tried to persuade President Obama and other global leaders to do the same.

During the nearly two months, remaining before the summit and during the two week meeting in general Brown stated he would work relentlessly to parley a deal with his peers. Brown says rich nations must reduce their greenhouse gas emissions from somewhere between twenty five to forty percent by the year 2020. Meanwhile, rapidly developing nations such as China and India who are world class leaders in pollution, must lay out hard line targets to limit the harm being done by the quick paced economic renewals.

Brown also acknowledged that richer nations like Great Britain, need to pay into a yearly funding program of sixty billion pounds or one hundred Billion USD, in order to assist those poorer third world nation states come to grips with climate change within their own borders and initiate change to a low carbon economic future.

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RPN's contributed to this report.


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