Climate change is a fact of life. We need to act urgently if we are to avoid an irreversible build-up of greenhouse gases (GHGs) and global warming at a potentially huge cost to the economy and society worldwide. OECD analysis suggests that if we act now, we have 10 to 15 years’ “breathing space” during which action is possible at a relatively modest cost. But every year of delay reduces this breathing space, while requiring ever more stringent measures to make a difference. Current financial turmoil is not a reason to delay. Indeed, its macroeconomic consequences will be resolved in a relatively short time, after which growth will resume, while the consequences of inaction on global warming will continue to grow more and more costly over time...