FACTBOX: Ban Ki-moon's speech at U.N. Bali climate talks

NUSA DUA (Reuters) - Following are highlights of a speech by U.N. Secretary-General Ban Ki-moon at the opening of a meeting of more than 120 environment ministers in Bali laying the groundwork for a new U.N. pact to slow climate change:

"As we convene here in Bali the eyes of the world are upon us. This is a historic moment, long in the making. Decades of careful study by the planet's leading scientists. Years of heated argument among the world's policy makers. Countless media stories debating the linkage between observed natural disasters and global warming.

Now, finally, we are gathered together in Bali to address the defining challenge of our age. We gather because the time for equivocation is over. The science is clear. Climate change is happening. The impact is real. The time to act is now.

The latest report of the Intergovernmental Panel on Climate Change tells us that, unless we act, there will be serious consequences: rising sea levels; more frequent and less predictable floods and severe droughts; famine around the world, particularly in Africa and Central Asia; and the loss of up to a third of our plant and animal species.

They emphasize that the costs of inaction - in ecological, human and financial terms - far exceed the costs of action now.

But the scientists also stress a silver lining: that we can still address the problem, in ways that are both affordable and promote prosperity. By being creative, we can reduce greenhouse gas emissions while promoting economic growth.

In this sense, climate change is as much an opportunity as it is a threat. It is our chance to usher in a new age of green economics and truly sustainable development. New economies can and must grow with reduced carbon intensity even as they create new jobs and alleviate poverty.

This shift toward a greener future is in its infancy and needs urgent nurturing. The multilateral agreement that will emerge from the (United Nations) negotiations needs to make the necessary changes possible. We must ensure an incentive structure for countries, businesses, and individuals. There is no trade-off between fighting climate change and pursuing development. In the long run, we can prosper only by doing both.

Already, there is an emerging consensus on the building blocks of a climate agreement, including adaptation, mitigation, technology and financing. It must also be comprehensive and involve all nations, developed and developing. Our atmosphere can't tell the difference between emissions from an Asian factory, the exhaust from a North American SUV, or deforestation in South America or Africa. And it must be fair, reflecting the principle of common but differentiated responsibilities.