Davos-commissioned report: Let's blow $700 billion annually trying to prevent CO2-induced bad weather; "It is better to try to pre-empt events like Hurricane Sandy, which cost $50bn, by keeping a lid on global warming"

Davos call for $14trn 'greening' of global economy - The Independent

The extra spending amounts to roughly $700bn a year until 2030 and would provide a much-needed economic stimulus as well as reduce the costs associated with global warming further down the line, said Mr Calderon, who leads the alliance.

It is better to try to pre-empt events like Hurricane Sandy, which cost $50bn, by keeping a lid on global warming, concluded the report, researched by the Accenture consultancy.

Mr Calderon, whose six-year term as Mexican President ended in November, said: "It is clear that we are facing a climate crisis with potentially devastating impacts on the global economy.