The 92-year-old Briton, who also developed the Gaia theory of the Earth as a single organism, has said climate change is still happening - just not as quickly as he once warned.
He added that other environmental commentators, such as former vice president Al Gore, are also guilty of exaggerating their arguments.
The admission comes as a devastating blow to proponents of climate change who regard Lovelock as a powerful figurehead.Five years ago, he had claimed: 'Before this century is over billions of us will die and the few breeding pairs of people that survive will be in the Arctic where the climate remains tolerable.'
But in an interview with msnbc.com, he admitted: 'I made a mistake.'
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