Copenhagen summit is last chance to save the planet: Experts

The Copenhagen summit is the world's last chance to save the planet from "catastrophic" global warming, according to a major study led by Lord Stern of Brentford, the country's leading authority on climate change.

Without an international agreement to limit global warming, temperatures are likely to rise by 9F (5C) by the end of the century - triggering mass migration, warfare and world hunger, according to the report.

But Lord Stern, who produced the report together with the London School of Economics and other leading academics, said it was still possible for the world to keep the temperature rise below 3.6F (2C) - but only if world leaders agree to cut global emissions at next week's UN Climate Summit in Copenhagen.

However the world must be prepared to spend more money on tackling climate change through both public finance and a new raft of "carbon taxes". Lord Stern described the summit as the "most important gathering since the second world war, given what is at stake".

His comments come as the Prince of Wales confirmed he would attend the summit to urge world leaders to take action against climate change. The outspoken campaigner on environmental issues it expected to put particular emphasis on the need to stop deforestation.

"Let us not allow mistrust, pessimism and lack of ambition to take us stumbling into profound dangers. Instead let us have real vision and leadership in both developed and developing countries which seize the opportunities offered by Copenhagen, for us, our children and future generations.

Previously Lord Stern had said the world must keep levels of greenhouse gases in the atmosphere below 550 parts per million of carbon dioxide. However, following scientific evidence that the world is losing its ability to absorb carbon dioxide in the soils and oceans, he said this will now have to be kept below 500ppm. This will mean halving the amount of carbon dioxide the world is currently pumping into the atmosphere through factories, transport and other emissions.

It is possible to create a 50/50 chance of avoiding a rise in global average temperature of more than 2C, which many scientists regard as the threshold for dangerous climate change, to do this we need to halt and reverse the growth of annual emissions of carbon dioxide and other greenhouse gases, reducing them from about 47 billion tonnes in 2010 to about 44 billion tonnes in 2020, and decreasing to must less than 20 billion tonnes in 2050.

Lord Stern said that the world could achieve these targets if the rich countries reach their most ambitious targets. He said the European Union should agree to cut emissions by 30 per cent by 2020 and the UK should cut greenhouse gases by more than 40 per cent over the same period. This would mean the "decarbonisation" of electricity by switching to nuclear or renewables, replacing petrol cars with electric vehicles and insulating all homes.

He also said that individuals to "do their bit" by eating less meat, flying less and recycling more. Lord Stern said the developing world will also have to make cuts, as these countries will be responsible for most emissions in the future as countries like China grow.

However this will require finance from the rich world to help less developed economies switch from dirty coal-fired power stations to new technologies like wind and solar. Poor countries will also need money to adapt to the effects of climate change such as flooding and droughts.

In his 2006 report Lord Stern suggested that it would cost the world between 1-2 per cent of GDP to tackle climate change. But he said rich countries should be prepared to spend more than that. He admitted this could mean "carbon taxes" on polluting goods and services such as long haul flights, dirty factories and carbon intensive goods such as fruits and vegetables from abroad.

"We may have to work on new sources of finance, on the use of auction revenues, on taxation of aviation and maritime, on revenues from carbon taxes. We have to work out the best way of generating new revenues to cover those kinds of support we should be looking for," he said.

Lord Stern, who is now chairman of the Grantham Research Institute on Climate Change, said world leaders at Copenhagen must agree to cut emissions while also providing a "global" fund to help poor countries of at least £30 billion per annum by 2015 and rising to £120 billion during the 2020s.

"An agreement now lies in the hands of world leaders who can make decisions across a full range of political issues that relate to climate change. They must demonstrate determination and vision. We must have an agreement that will ensure future generations can enjoy the opportunities for sustainable growth that are offered by the low carbon economy, and that are free from the severe risks that would arise from unchecked climate change. We cannot afford the cost of failure on climate change.

What do you guys think Is this the last chance that we are having to save the planet, or else are we already late in putting the plug on the damage that is done to the planet interms of Global  warming. What do you want from this Copenhagen summit that will be going to happen, where all the world leaders are meeting to draw out solutions to save the planet.