Hardcore Capitalists Warn That Climate Change Is A Big Deal For American Businesses

The report focuses on the devastation that climate change could cause for American businesses.
Jim Gillooly/PEI/Flickr

Jim Gillooly/PEI/Flickr

Another day, another climate change report predicting serious consequences for the United States. Tuesday’s report, however, focuses on the devastation that climate change could cause for American businesses.

The report, Risky Business, comes from a panel chaired by former New York City Mayor Michael Bloomberg, former Treasury Secretary Hank Paulson and hedge fund manager turned climate activist Tom Steyer.

It includes devastating forecasts for American companies, including dramatic declines in agricultural yields, loss of productivity due to intense heat and up to $35 billion spent dealing with coastal storms.

“We just cannot afford to wait another minute,” Bloomberg said Tuesday in New York at an event where the report was unveiled. “Climate change is costing governments and businesses billions of dollars.”

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The Climate Desk is a journalistic collaboration dedicated to exploring the impact—human, environmental, economic, political—of a changing climate. The partners are The Atlantic, Center for Investigative Reporting, Grist, The Guardian, Huffington Post, Mother Jones, Slate, and Wired.