Correction: The Stern Review

In chapter 15, the Stern Review is cited as saying that a 2°C rise in average global temperatures would reduce world GDP by an estimated 1%, as cited in an Economist article. In fact the estimated annual cost of achieving stabilisation between 500 and 550ppm CO2 equivalent is 1% of GDP. This has also been revised upwards to 2% as of 2008. The current level of CO2 in the atmosphere is just over 400ppm, a threshold reached in 2011.Without action the overall costs of climate change will be equivalent to losing at least 5% of global GDP each year.