New Report Makes the Business Case for Climate Action
A new bipartisan report released yesterday, The Risky Business Project, paints a picture of the economic impacts for our country and American businesses if we fail to act on climate change. The report – co-chaired by former Bush Treasury Secretary Hank Paulson, former New York Mayor Michael Bloomberg, and hedge fund manager Tom Steyer – shows that “over time, [weather] extremes will become the ‘new normal,’” decimating thousands of miles of coastline, our agricultural sector, and industries from construction to tourism. Rep. Jan Schakowsky released the following statement about the report:
"The Risky Business Project shows that the failure to respond to climate change is bad for American businesses and jobs. As the report says, “This is not a problem for another day. The investments we make today – this week, this month, this year – will determine our economic future.” Businesses must make investments to adapt to climate change and reduce their carbon footprints; investors must analyze the climate risks in making financial commitments; and city, state, and federal governments must take meaningful action to reduce emissions and turn the tide against climate change. If we fail, our economy will suffer.
Some corporations have already recognized the threat of climate change. Coca-Cola, for example, is dealing with a global water shortage that is driving up costs and has recognized climate change as a challenge to its future profitability.
This report – whose risk committee includes former Clinton Cabinet members Robert Rubin, Donna Shalala, and Henry Cisneros, as well as former Reagan Secretary of State George Shultz and Republican Senator Olympia Snowe – proves that the climate change isn’t a partisan issue, it’s an economic one. Global warming is a scientific fact and the sooner we all recognize the threat and act to defeat it, the better.
Urgent action is required. I will continue to push for responses commensurate with the enormity of the problem."
The full report can be found here: