worse than we thought – the absorptive capacity of the planet!

GEORGE NEGUS: You originally said that unless we invest in something like 1% of global GDP per annum fighting climate change it could ultimately cost us up to 20% of global GDP. Now in your new work you are calling for an investment of 2%. Does that mean the situation is worsening?

LORD NICHOLAS STERN: I raised the number because I think, looking back, the targets that were proposed in the Stern Review were not ambitious enough, given the kinds of risk which we’re now seeing. The risks are actually still worse than we saw in the Stern Review because greenhouse gases are growing faster than we assumed, the absorptive capacity of the planet – particular the oceans – to absorb greenhouse gases is less than we thought, and some of the effects – for example, Greenland ice melting – are coming through faster than we thought.

interview SBS, 15 Nov 2009