Delaying Action on Climate Change will Cost U.S. Economy More than $150 billion Annually, Study Finds

The longer we wait to address climate change, the more it’s going to cost, says a new report from the President’s Council of Economic Advisors. According to Jason Furman and John Podesta: “Our report finds that the costs of achieving a fixed climate change goal would be 40 percent larger if we waited a decade to take action. And those costs could grow exponentially with a longer wait. That’s because, if we delay action in achieving a fixed set of climate goals, then we have to...

Business Leaders Call for Climate Change Action

You might not realize how severe weather and climate change are impacting businesses, but business leaders are speaking out and making their stories heard. From tourism to farming, climate change is affecting companies from nearly every sector. Here’s a round up of what some of them are saying: Tourism “Recent experience has me concerned that a fluctuating economy is not the only danger to my business. Climate change has brought Chicago unpredictable and increasingly extreme...

The Economic Risks of Climate Change Being Felt Across Sectors

Climate change poses increasing and varied risks to the U.S. economy, according to a newly released report by prominent business leaders Michael Bloomberg, Hank Paulson, and Tom Steyer (which you can download here). The Risky Business report quantifies the financial risk of climate change in different regions – from flooding to decreased labor productivity and crop loss – if business proceeds as usual. “Because we’re such a large, geographically diverse country, the impacts of climate...

Risky Business Report Quantifies the Economic Threats of Climate Change to U.S. Businesses

Business leaders know the importance of protecting themselves from rare occurrences. Many businesses buy insurance to pool their risks and hedge against rare, but catastrophic losses. A new report released last week shows that climate change poses a significant risk to our economy. Former Treasury Secretary Hank Paulson compared the issue to the recent financial crisis: “I know a lot about financial risks–in fact, I spent my whole career managing risks and dealing with financial...

Insurance Companies See Climate Change as a Growing Concern for Business

As damage from severe weather events becomes more frequent, insurance companies are taking the effects of climate change into account as part of their risk assessment. “We do look at extreme weather events and climate-related issues as a growing concern from a credit perspective,” said Steve Dreyer, managing director of U.S. utilities & infrastructure ratings at Standard & Poor’s Rating Services, on a recent conference call for business leaders hosted by Business Forward. Dreyer...

Report: Severe Weather and Manufacturing in America

Earlier this week, the EPA proposed new standards that will reduce greenhouse gas emissions at existing power plants by 30 percent by 2030. Critics argue the standards will force manufacturers to shift production overseas. Supporters argue the standards are a necessary response to climate change. Who’s right? The answer depends largely on (1) how much manufacturers actually spend on electricity; (2) how much rates will rise; and, (3) how much manufacturers are already losing because of...

EPA Proposes New Standards for Existing Power Plants

Yesterday, the Environmental Protection Agency announced new limits for carbon dioxide emissions from existing power plants. While limits already exist for mercury, arsenic, and a range of other pollutants, this is the first time carbon pollution from existing power plants will be regulated. The new standards are a key part of the Obama Administration’s Climate Action Plan. Supporters argue the standards will make the U.S. the world leader in clean energy production and jobs. Critics say the...

Businesses Are Already Seeing Financial Implications of Climate Risks

Climate change is an immediate threat to more than 10 percent of S&P 500 businesses, according to a new report released by CDP. Since 2011, the number of companies doubled that reported a business risk associated with climate change. Changes in precipitation, droughts and hurricanes are among the main climate-related risk drivers that are currently affecting businesses’ bottom lines. Major financial implications of the risks businesses face because of climate change include: Breakdown of...

5 Things Business Leaders Should Know About Climate Change

This week, the National Climate Assessment and Development Advisory Committee released its third report on the impact of climate change on regions across the country. A team of more than 300 experts, a 60-person Federal Advisory Committee, and 13 federal departments contributed to the report The findings are stark. The report shows that America is already feeling the effects of climate change, and the extreme weather we’ve experienced lately—from record draughts in the West to record cold...

The Impact of Extreme Weather on Businesses This Winter

Business across the country experienced challenges associated with extreme weather this winter. Record low temperatures and snow blanketed much of the country, while California and its $45 billion agriculture sector continued to cope with a historic drought and high temperatures. Last week, we asked you how this winter affected your business. Your answers paint a clear picture: 54% of you said you experienced a loss or cash disruption as a result of severe weather this winter. We’ve put your...