The controversy — and uncertainty — over the long term effects of the world’s increasing greenhouse gas emissions has now galvanized three of America’s business and political leaders to launch a project designed to assess the measurable risks of climate change to the nation’s economy and industrial health.
Former Goldman Sachs Chairman and Treasury Secretary Hank Paulson has joined Bloomberg L.P. founder and New York City Mayor Michael Bloomberg and billionaire hedge fund investor Tom Steyer to fund a study designed to quantify the material economic risks to the country — and the globe — that have thus far been overlooked or ignored.”If the U.S. were run like a business,” they stated in a recent Washington Post Op Ed, “the board of directors would fire its financial advisers for failing to disclose the significant risks represented by this unmitigated [industrial megatrend.]”
The trio announced a collaborative research initiative they dubbed “Risky Business” that will survey the U.S. economy and assess the potential impacts of climate change by region and by sector. The goal: to arm decision makers with facts so they can weigh how much climate risk we are willing to take.