This study explores the most important problem of this century, the dramatic climate change happening today, with particular emphasis on the events and research of 2007–2012 not covered by the Report of the Intergovernmental Panel on Climate Change. The ongoing climate change and its potential economic consequences are assessed. The main conclusion of this study is that we ought to follow the "precautionary principle" adopted in Rio de Janeiro in 1992. It states that if there is risk of serious or irreversible environmental damage, lack of scientific knowledge of the phenomenon can not serve as a reason for postponing effective measures to protect the environment.