Acting early on climate change is the only way to combat the dangerous effects of climate change while keeping financial outlay at a manageable level, according to a new report.
The Report on Energy and Climate Policy in Europe (Recipe) found that the costs associated with protecting the world's climate need to be distributed in order to avoid over-burdening particular regions.
Recipe, which was conducted by the Potsdam Institute for Climate Impact Research (PIK), also warned that measures to contain climate change need to take effect by 2020 if they are to be successful.
Scientists involved in the study claim that Europe can profit in the long run if it takes the initiative now.
Ottmar Edenhofer, chief economist at the PIK, said: "Climate protection is economically manageable and feasible. For Europe, getting an early start on comprehensive climate protection, even unilaterally, will pay for itself through significantly lower costs."
Allianz and WWF, which formed a climate partnership two years ago, have interpreted the Recipe report as a call to action for European leaders ahead of the UN Copenhagen climate change conference in December.
The organisations believe that this research clearly states the economic, as well as environmental, benefits of taking the first steps towards implementing wide-reaching climate change targets.
Posted by Joseph Hutton
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