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“The problem of climate change involves a fundamental failure of markets: those who damage others by emitting greenhouse gases generally do not pay. Climate change is a result of the greatest market failure the world has seen. The evidence on the seriousness of the risks from inaction or delayed action is now overwhelming. We risk damages on a scale larger than the two world wars of the last century. The problem is global and the response must be a collaboration on a global scale.”
After warnings from the UN that climate change will have catastrophic impacts on poorer countries, Britain aims to increase its aid to developing countries to help research the effects of climate change.