Fighting global warming will be expensive

Reducing carbon emissions to combat climate change will cost money for years to come, a top environmental scientist has revealed.

Paul Elkins, professor of energy and environment policy at King’s College London, said the idea that environmentally friendly technologies will save governments and businesses money is the most ‘optimistic scenario’.

A more likely scenario for the majority of countries is that combating climate change will cost between 0% and 3% of GDP.

Speaking at a Royal Society meeting, Elkins said the cost of reducing carbon output would mean that countries take until 2031 to meet the level of GDP they would otherwise have met in 2030.

This model assumes a yearly GDP growth of 3%.

Elkins believes that investment in renewable technology is crucial if the UK is to meet its carbon reduction targets.

Elkins added that reducing carbon emissions will require a variety of strategies and technologies.