Can the world afford global warming?

That is the question of many countries and economists of the world right now. At this moment, people are questioning whether or not the world can afford to cut emissions when many of the global markets in turmoil and the U.S. is currently being threatened by recession. The price of slashing emissions is expected to be extremely high and this uncertainty about economies is why governments need to be clear about where they want to go on this issue. Japan, recently issued a report estimating that it would cost 500 billion dollars to just cut domestic emissions 11 percent from 2005 levels by 2020. That is a TON of money, and that is just 11 percent. By bringing this article to your attention, I am not saying that I want countries to stop trying just because it is costly, by all means, keep trying.
http://www.businessweek.com/ap/financialnews/D8VQDQQO0.htm