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Why have we got ourselves into this state? And why do we need economists to get us out? After all, they did a pretty bad job by not predicting the credit crunch. Isn’t climate change mainly a scientific issue?

“Humanity is largely innumerate,” said Grantham.

“They don’t understand how frightening the numbers behind climate change really are. What’s more, the people who can count, the scientists, are paralysed with fear about overstating their case. They have consistently understated the risk and so allowed politicians to ignore it.”

Grantham believes that economists like Stern can help translate the science of climate change into practical politics and economic policies.

Some might argue that Grantham would have been better off spending his money on donations to political parties. After all, history has shown how a few million pounds in the right political pockets can buy influence.

Grantham never considered it.

“I don’t approve of that kind of government. It’s very sleazy.”

Instead he put his energy into persuading fellow financiers to support green causes. “In America there are half a dozen hedge-fund managers who have given huge support. We raised £3m for environmental causes in one evening. In the UK it is desperately hard to get money for anything, let alone the environment.”

Professor Cathy Pharoah, co-director of City University’s Centre for Charitable Giving and Philanthropy, suspects climate change is such a big problem that many would-be donors do not know how to donate or who to give to.

“Climate change has yet to become an attractive issue for many donors,” she said.

She also found that the top 50 environment charities had income of £977m in 2007 — less than half the £2.1 billion achieved by the 50 top overseas aid charities, such as Oxfam. The National Trust is the organisation that raises the most money — about £63m a year.

Scientists argue, however, that there is little point donating money to save birds, woodlands or coastline from short-term threats if they are simply going to be wiped out by global warming later on.

Grantham agrees. With three grown-up children and his first grandchild on the way, he sees money spent on climate research as an investment in the world his grandchildren will inherit.

He is, however, increasingly pessimistic about what kind of world that will be.

“Our species is very bad at dealing with issues like these, so the outlook is bleak. There is no alternative to doing all we can but I suspect humanity is going to face a lot of grief.”