Climate change is likely to exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and more deaths, according to a report backed by a trio of men with vast business experience.
The report, released Tuesday, is designed to convince businesses to factor in the cost of climate change in their long-term decisions and to push for reductions in emissions blamed for heating the planet.
It was commissioned by the Risky Business Project, which describes itself as nonpartisan and is chaired by former New York City Mayor Michael R. Bloomberg, former Treasury Secretary Henry M. Paulson Jr. and Thomas F. Steyer, a former hedge fund manager.
Among the predictions: Between $66 billion and $106 billion in coastal property will likely be below sea level by 2050, labor productivity of outdoor workers could be reduced by 3 percent because extremely hot days will be far more frequent, and demand for electricity to power air conditioners will require the construction of more power plants that will cost electricity customers up to $12 billion per year.
Among the members of the risk committee is Henry Cisneros, the former mayor of San Antonio, who also served as Secretary of Housing and Urban Development in the Clinton administration. He discusses the report with Here & Now’s Robin Young.
- Henry Cisneros, risk committee member. He’s the former mayor of San Antonio and served as Secretary of Housing and Urban Development in the Clinton administration.