"Averting climate change catastrophe is affordable, says IPCC report."

Guardian: “Catastrophic climate change can be averted without sacrificing living standards, according to a landmark UN report published on Sunday. It concludes the transformation required to a world of clean energy and the ditching of dirty fossil fuels is eminently affordable.”
“….Diverting hundred of billions of dollars from fossil fuels into renewable energy and cutting energy waste would shave just 0.06% off expected annual economic growth rates of 1.3%-3%, the Intergovernmental Panel on Climate Change (IPCC) report concluded. Furthermore, the analysis did not include the benefits of cutting greenhouse gas emissions, which could outweigh the costs. The benefits include reducing air pollution, which plagues China and recently hit the UK, and improved energy security, which is currently at risk in eastern Europe after the actions of major gas-producer Russia in Ukraine.
….The report’s final 37-page summary emerged from a week of negotiations between the 194 countries, with long disputes over contentious sections running until 6am on the last night. Objections from rich nations saw the complete removal of a section stating that hundred of billions of dollars a year would have to be paid by developed countries to developing countries, to ensure they grow their cities and economies in a non-polluting way.
Other objections, from major fossil fuel producing nations including Saudi Arabia, led to the weakening of statements that ending the huge subsidies paid for oil, gas and coal would help reduce emissions. But the final document retained the conclusion that policies to cut carbon could devalue fossil fuels reserves.”