Agency report
 
London, Oct 30: Failure of governments to take bold action against global warming in the next decade could cost the world up to 3.68 trillion pounds with a key challenge from emerging nations like India and China, a report warned on Sunday.

"Emissions from China are nearly level with the US and likely to increase as the Chinese get more cars and electrical goods: up to 30 million households are likely to get digital TVs alone in the next few years," a report by Sir Nicholas Stern, a former World Bank chief economist, said.

In his report, Stern advocated new funds to help Africa and developing nations adapt but argued that the key challenge is from emerging nations like china and India.

The report, commissioned by Chancellor Gordon Brown, said Britons faced the prospect of a welter of a new green taxes to tackle climate change. The report warned that it would cost the world up to 3.68 trillion pounds and trigger a catastrophic global recession unless it is tackled within a decade.

Unchecked climate change would turn 200 million people into refugees, the largest migration in modern history, as their homes succumbed to drought or flood, The Observer stated quoting the 700-page report.

Stern warned that a successor to the Kyoto agreement on cutting greenhouse gas emissions should be signed next year, not by 2010-11 as planned, because of the urgent threat.