The challenges we face due to the effects of climate change are
unprecedented. Its reach is widespread, taking into account
damage to ecosystems - which in turn effects entire nation’s
infrastructures - the economy and peoples' health. Already we
are seeing extreme weather conditions leading to widespread
hunger and disease. Reports find that unless action is taken
now, the economic costs of climate change could amount to US$20
trillion annually by 2100 - that’s 6-8% of global economic
output. Since 1990, annual losses of around $60 billion due to
climate change have been recorded - with 2005 costing a record
$200 billion. In the US, Hurricane Katrina cost $125 billion in
economic losses. The European heat wave in 2003 cost $15 billion
in damages. Flood damage costs in Europe are anticipated to rise
from $10 billion to $120-$150 in the years ahead. Massive
amounts of revenue will be lost from the collapse of the tourist
industry as places of natural beauty and tranquillity are
irreparably damaged. An example