The report's author, former World Bank chief economist Sir Nicholas Stern warned that, without urgent action, the fallout of climate change could be on the scale of the two world wars and the Great Depression of the 1930s.

Singling out current and rising economic powerhouses the United States, China and India, he said the world must be prepared to pay now -- in the form of green taxes or emissions trading schemes -- to prevent economic disaster.

Olin said she was "absolutely in agreement with her British colleague on the question" and that they would defend a common position during UN climate change talks in Nairobi on November 15.

She said the report was "particularly interesting because it puts a figure on the economic cost of climate change and calls for negotiations beyond 2012," the target date for developed countries to cut their greenhouse gas emissions under the Kyoto Protocol.

According to French Economy Minister Thierry Breton, France ranks favorably when it comes to per-capita greenhouse gas cuts.

The average French citizen produces "less than 40 percent of emissions compared with the average of other countries," Breton said in remarks at France's National Assembly.

"France has said very clearly it would respect the engagements made within the framework of the Kyoto protocol," Breton added, appealing to the US, India and China in particular to join efforts to cut down on greenhouse emissions.

French ministers are meet in the coming days to decide on a raft of new measures in favour of sustainable development, Environment Minister Olin added.

All rights reserved. � 2005 Agence France-Presse. Sections of the information displayed on this page (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence, you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the content of this section without the prior written consent of Agence France-Presse.