Experts back report on cost to regional economies from climate change
NEW YORK, N.Y. - Climate change will exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and higher health expenses, 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 cutting emissions that are heating the planet.
The report was commissioned the Risky Business Project, which describes itself as non-partisan 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.
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