Quantcast

Bloomberg, Paulson, Steyer Launch Coalition to Assess U.S. Economic Risk of Climate Change

Climate

By Laura Beans

Three very different men are uniting philanthropic efforts to form the Risky Business initiative, a new coalition that seeks to illustrate the impact of climate change on the U.S. economy.

Risky Business is a joint venture between former hedge-fund manager turned activist Tom Steyer, New York Mayor Micheal Bloomberg and former U.S. Secretary of the Treasury Hank Paulson. Additional support was provided by the Skoll Global Threats Fund.

“In sectors across our economy—finance, health, agriculture, national security—it’s standard practice to evaluate and quantify potential risks before making important investments,” said Kate Gordon, executive director of the Risky Business initiative and vice president of the energy and climate program at Next Generation. “But we haven’t yet done that when it comes to climate change, even though we’re seeing more and more climate impacts every day. Through the Risky Business project, we intend to solve that problem.”

Risky Business identifies two core components in its mission:

  • An independent risk assessment will combine existing data on the current and potential impacts of climate change with original research that will quantify potential future costs. The results, to be released in the summer of 2014, will reveal the likely financial risk the U.S. faces from unmitigated climate change.
  • An engagement effort will target the economic sectors most at risk from a changing climate, and begin the process of helping leaders from across these sectors prepare a measured response to the risks they face. The engagement will be led by a risk committee composed of top national and regional leaders from across the American economic and political spectrum.

“The best science tells us that extreme weather events may become more frequent,” said Mayor Bloomberg. “To better protect our whole country we need a national risk assessment that will accurately assess the costs of these events.”

The initiative will work to persuade investors, policy makers and the public that the consequences of unchecked carbon emissions would eventually blow away whatever short-term costs are involved in curbing the pollution, according to Bloomberg News. The costs of global warming are already mounting as the planet undergoes a geophysical shift so profound it is altering coastlines, producing unprecedented extreme weather events and decimating cultivable land.

“If the business of the U.S. is business, we need to frame climate change in economic language; we need to set the business context,” said Steyer in a press release.

From jobs to crop harvests to environmental destruction, climate change risks are pervasive across the economic sector. Risky Business will help leaders across the American economy prepare for the financial and social impacts of the extreme weather events exacerbated by climate change.

Visit EcoWatch’s CLIMATE CHANGE page for more related news on this topic.

———

EcoWatch Daily Newsletter

Record flood water levels in Venice hit again on Sunday making this the worst week of flooding in the city in over 50 years.

Read More Show Less

By Brian Barth

Late fall, after the last crops have been harvested, is a time to rest and reflect on the successes and challenges of the gardening year. But for those whose need to putter around in the garden doesn't end when cold weather comes, there's surely a few lingering chores. Get them done now and you'll be ahead of the game in spring.

Read More Show Less
Sponsored
(L) Selma Three Stone Engagement Ring. (R) The Greener Diamond Farm Project. MiaDonna

By Bailey Hopp

If you had to choose a diamond for your engagement ring from below or above the ground, which would you pick … and why would you pick it? This is the main question consumers are facing when picking out their diamond engagement ring today. With a dramatic increase in demand for conflict-free lab-grown diamonds, the diamond industry is shifting right before our eyes.

Read More Show Less
(L) 3D graphical representation of a spherical-shaped, measles virus particle that is studded with glycoprotein tubercles.
(R) The measles virus pictured under a microscope. PHIL / CDC

The Pacific Island nation of Samoa declared a state of emergency this week, closed all of its schools and limited the number of public gatherings allowed after a measles outbreak has swept across the country of just 200,000 people, according to Reuters.

Read More Show Less
Austin Nuñez is Chairman of the Tohono O'odham Nation, which joined with the Hopi and Pascua Yaqui Tribes to fight a proposed open-pit copper mine on sacred sites in Arizona. Mamta Popat

By Alison Cagle

Rising above the Arizona desert, the Santa Rita Mountains cradle 10,000 years of Indigenous history. The Tohono O'odham Nation, Pascua Yaqui Tribe, and Hopi Tribe, among numerous other tribes, have worshipped, foraged, hunted and laid their ancestors to rest in the mountains for generations.

Read More Show Less
Sponsored
The Navajo Nation has suffered from limited freshwater resources as a result of climate, insufficient infrastructure, and contamination. They collaborated with NASA to develop the Drought Severity Evaluation Tool. NASA Goddard Space Flight Center

Native Americans are disproportionately without access to clean water, according to a new report, "Closing the Water Access Gap in the United States: A National Action Plan," to be released this afternoon, which shows that more than two million Americans do not have access to access to running water, indoor plumbing or wastewater services.

Read More Show Less
Wild Exmoor ponies graze on a meadow in the Czech Republic. rapier / iStock / Getty Images Plus

By Nanticha Ocharoenchai

In the Czech Republic, horses have become the knights in shining armor. A study published in the Journal for Nature Conservation suggests that returning feral horses to grasslands in Podyjí National Park could help boost the numbers of several threatened butterfly species.

Read More Show Less

Despite huge strides in improving the lives of children since 1989, many of the world's poorest are being left behind, the United Nations children's fund UNICEF warned Monday.

Read More Show Less