Sir Nicholas Stern, an eminent economist with the UK Treasury, who was commissioned by Britain's Cabinet Office to review the economics of climate change has issued a 700-page STERN REPORT today.
Prime Minister Tony Blair said the report was the most important one received by the government during his period in office.
Stern's review shows the world needs to spend 1% of gross domestic product to combat global warming.
For Britain, that would be £11bn a year from industry, government and ordinary people. The British government has already started to give grants for ordinary people to install energy-saving technology in their homes.
The review calls on the international community to sign a new pact on greenhouse emissions by next year rather than in 2010/11, when they had planned to agree a successor to the Kyoto agreement on cutting carbon dioxide and other gas emissions.
Even if immediate action is taken to cut pollution, slow acting greenhouse gases will continue to have an effect on the environment for another 30 years, the report adds.
It is also time for the biggest polluters like the USA, to cut down greenhouse gases, for without action the report says 200 million people could become refugees as their homes are hit by drought or flood.
The Stern report gives a stark warning , reminiscent of the Great Depression that was a worldwide economic downturn which started in 1929. The rich nations are now put to the test to avoid another great depression, mass migration and untold human suffering.