Occasionally you hear someone frame the debate surrounding the transition to a low carbon economy in such a way that it makes you wonder why we are having a debate at all.
Yesterday, I attended a conference on green banking hosted by BT Global Services where the keynote was delivered by Jon Williams, head of group sustainable development at HSBC. Here he is on the cost of mitigating climate change if the world acts quickly and decisively:
"Most of the assessments I see put the cost at 0.3 to 0.6 or 1 per cent of GDP – that is a mild recession. It'll have a smaller impact than the subprime crisis in the US."
Makes you wonder what all the fuss is about.
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