Business/economy and climate change

Doug
By Doug on Tue, Oct 8, 2013 - 10:26am

I am cross posting this with the climate change thread as the linked article discusses the economic effects of climate change.  Hank Paulson, Michael Bloomberg, Robert Rubin and George Schultz are among the notables signing on to an effort to make the economic movers and shakers aware of these effects:

http://www.bloomberg.com/news/2013-10-01/climate-change-rescue-in-u-s-makes-steyer-converge-with-paulson.html

Quote:

“It’s like I was saying that what’s going to make a difference in the economy is unicorns,” says Steyer, 56, the founder of Farallon Capital Management LLC, a San Francisco hedge-fund firm with about $20 billion in assets. He declines to name the other people present because the meeting was off the record but says they control a lot of money. “I thought to myself: These guys need to be made aware of the risks here.”

So in December, Steyer ended his 26-year career as a hedge-fund manager and set out to make an economic case for addressing climate change. He wasn’t the only person from the financial world to have this idea: Henry Paulson, Treasury secretary from 2006 to 2009 and a longtime conservationist, and Michael Bloomberg, the outgoing mayor of New York, which had suffered the costliest hurricane damage in its history, were also plotting how to reframe the issue.

Quote:

They’re funding and co-chairing a study to calculate just how much economic risk American industries and communities face as a warming atmosphere generates more storms, droughts, floods and extreme heat. Robert Rubin, who served as Treasury secretary from 1995 to 1999, and former Secretary of State George Shultz have signed on as advisers.

“Climate change is every bit as big a risk to our economy as it is to the environment,” says Paulson, 67, who was chairman and chief executive officer of Goldman Sachs (GS) Group Inc. before he went to Washington. “With any complex issue, we can never know with certainty what the timing and the impact will be, but we know from the data that the climate risk is very real. If we quantify its economic impact, I think that will be a catalyst for action.”

Worth a read.

Doug

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