In commenting overall economic effect of global warming in Copenhagen Consensus, Professor Robert O. Mendelsohn of Yale School of Forestry and Environmental Studies, stated that:
- "A series of studies on the impacts of climate change have systematically shown that the older literature overestimated climate damages by failing to allow for adaptation and for climate benefits (see Fankhauser et al 1997; Mendelsohn and Newmann 1999; Tol 1999; Mendelsohn et al 2000; Mendelsohn 2001;Maddison 2001; Tol 2002; Sohngen et al 2002; Pearce 2003; Mendelsohn and Williams 2004). These new studies imply that impacts depend heavily upon initial temperatures (latitude). Countries in the polar region are likely to receive large benefits from warming, countries in the mid-latitudes will at first benefit and only begin to be harmed if temperatures rise above 2.5C (Mendelsohn et al 2000). Only countries in the tropical and subtropical regions are likely to be harmed immediately by warming and be subject to the magnitudes of impacts first thought likely (Mendelsohn et al 2000). Summing these regional impacts across the globe implies that warming benefits and damages will likely offset each other until warming passes 2.5C and even then it will be far smaller on net than originally thought (Mendelsohn and Williams 2004)."[56]
In an October 29, 2006, Stern Review by the former Chief Economist and Senior Vice-President of the World Bank Nicholas Stern, he states that climate change could affect growth which could be cut by one-fifth unless drastic action is taken.
Taken from http://en.wikipedia.org/wiki/Effects_of_global_warming
