On February 2, 2007, the International Panel on Climate Change (IPCC) - composed of hundreds of the world's leading scientists - released a 20-page report on climate change. They state with a level of 90-99% confidence that human-induced greenhouse gas emissions are responsible for accelerated climate change.

There is now strong evidence that global warming is occurring because of our consumption of fossil-based fuels: 

• Direct measurements of rising surface air temperatures
• Subsurface ocean temperatures
• Increases in average global sea levels
• Retreating glaciers

This warming has already changed the Earth's climate and threatens to change it much more.

Temperatures at the surface of the planet increased by an estimated 1.4 degrees Fahrenheit (0.8 degrees Celsius) between 1900 and 2005, with the past decade being the hottest on record during the last 150 years, and 2005 being the hottest year on record.  Formal economic models in the Stern Report estimate that if we do not act now to counter human-accelerated global warming, the overall cost/risks of rapid climate change could be equivalent to losing at least 5% of global GDP each year from here forward.

Taking into consideration a larger set of risks and impacts, the economic damage estimates rise to 20% of GDP loss or more. Some economic experts believe that reducing greenhouse gas emissions can be limited to about 1% global GDP each year if the world starts now.

If no action is taken to reduce greenhouse emissions, the concentration of these gases in the atmosphere could double pre-industrial levels by 2035, committing the world to an average temperature increase of more than two degrees Celsius. The costs of stabilizing the climate are significant but manageable.

Estimates of annual cost to stabilize between 500 and 550 parts per million volume - the amount of change required to hopefully minimize the impact of global warming on our climate - are about 1% of global GDP if we start now.

Furthermore, this activity might even lead to growth of new industries eventually and need not limit the aspirations of countries, rich and poor. Significant new carbon market opportunities are growing and will soon flourish.