LONDON — Failing to fight global warming now will cost trillions of dollars by the end of the century even without counting biodiversity loss or unpredictable events like the Gulf Stream shutting down, a study said on Friday. But acting now will avoid some of the massive damage and cost relatively little, said the study commissioned by Friends of the Earth from the Global Development and Environment Institute of Tufts University in the United States. ‘The climate system has enormous momentum, as does the economic system,’ said co-author Frank Ackerman. ‘We have to start turning off greenhouse gas emissions now in order to avoid catastrophe in decades to come.’ The study said the cost of inaction by governments and individuals could hit 11 trillion pounds a year by 2100, or six to eight percent of global economic output then. Most scientists now agree average temperatures will rise by between two and six degrees Celsius by the end of the century, driven by so-called greenhouse gases like carbon dioxide from burning fossil fuels for power and transport. Already at two degrees they predict a massive upsurge in species loss and extreme weather events like storms, droughts […]