window closing

Sir Nicholas, a former World Bank chief economist, seeks to overturn conventional thinking by arguing that fighting climate change will save, not cost, money.

Whitehall sources told The Independent that the report was hard-headed.

“It didn’t deal in sandals and brown rice. It stuck to the economics.”

Insurance analysts said in evidence to Sir Nicholas that they feared insurance claims caused by storms, droughts and other natural disasters could exceed the world’s GDP.

Sir Nicholas believes a window of 10 to 15 years exists to save the global economy from severe damage – but after that it will be too late, Mr Swan said.

Sydney Morning Herald, 28 Oct 2006