A new report says that global warming could cost the Californian economy billions of dollars each year, through a combination of rising sea levels, and the increased frequency of wild fires and extreme weather events.

The comprehensive study (PDF), published by researcher’s at UC Berkeley, also claims that $2.5 trillion of Californian real estate assets are at risk. The clear message, says co-author Prof. David Roland-Holst, is the strong economic case for timely action to slash carbon emissions and adapt to the already unavoidable effects of climate change.

“Our report makes clear the most expensive thing we can do about climate change is nothing,” he said. “As we learned in New Orleans, turning your back on the threat of natural disaster doesn’t make it go away.”

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