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Global warming slows down world economy

Published on Sep 26, 2012 10:18 AM

NEW YORK (AFP) - Climate change caused by global warming is slowing down world economic output by 1.6 per cent a year and will lead to a doubling of costs in the next two decades, a major new report said on Tuesday.

The Dara and Climate Vulnerable Forum report, which was commissioned by 20 governments and due to be presented on Wednesday in New York, paints a grim picture of the economic fallout of climate change.

The "Climate Vulnerability Monitor" report finds "unprecedented harm to human society and current economic development that will increasingly hold back growth, on the basis of an important updating and revision of previous estimates of losses linked to climate change."

However, according to the report, tackling climate change's causes would instead bring "significant economic benefits for world, major economies and poor nations alike."

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