What do Henry Paulson, Michael Bloomberg, and Tom Steyer have in common beside money?
Risky Business, The Economic Risks of Climate Change in the United States.
They have a study scheduled to be released this week detailing the cost of doing nothing. That should be good reading and I'll be looking for it. For a preview, see Paulson's op-ed in the NY Times:
For too many years, we failed to rein in the excesses building up in the nation’s financial markets. When the credit bubble burst in 2008, the damage was devastating. Millions suffered. Many still do.
We’re making the same mistake today with climate change. We’re staring down a climate bubble that poses enormous risks to both our environment and economy. The warning signs are clear and growing more urgent as the risks go unchecked.
Their answer is a carbon tax. I think that will make a difference. How much difference and what kind of difference will depend on what is done with that revenue.