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US risks multi-billion dollar bill if it doesn't address climate change now

The warning is blunt and direct.   If the US - and doubtlessly the proposition applies with equal force to many countries around the globe - wants to save itself billions of dollars down the track, it will have to start, now, to address the ever-present effects of man-made climate change.   

Read "Climate puts US at risk of multi-billion bill" on Climate News Network.....

"The sheer economic cost of climate change to Americans could be far greater than many realise, an influential study says.

The study was commissioned by the Risky Business Project, a research organisation chaired by a bi-partisan panel and supported by several former US Treasury Secretaries.

It expects climate change to have varied impacts across different regions and industries. Rising sea levels, it says, could destroy many billion dollars’ worth of coastal properties by 2050, and warming temperatures, especially in the south, south-west and mid-west, could cut the productivity of people working outdoors by 3%.

Without a change in crops, harvests in these regions could fall by 14%. But further north, in states such as North Dakota and Montana, winter temperatures will probably rise, reducing frost and cold-related deaths and lengthening the growing season for some crops.

Kate Gordon, executive director of the Risky Business Project, said : “We still live in a single integrated national economy, so just because it’s not hot where you are doesn’t mean you won’t feel the heat of climate change.”

Michael Bloomberg, a former mayor of New York, said: “Damages from storms, flooding, and heat waves are already costing local economies billions of dollars. We saw that firsthand in New York City with Hurricane Sandy.

“With the oceans rising and the climate changing, the Risky Business report details the costs of inaction in ways that are easy to understand in dollars and cents − and impossible to ignore.”

Hank Paulson, a former Treasury Secretary and co-chair of the Risky Business Project, said the report shows us that “our economy is vulnerable to an overwhelming number of risks from climate change.

“But if we act immediately, we can still avoid most of the worst impacts of climate change and significantly reduce the odds of catastrophic outcomes. But the investments we’re making today will determine our economic future.”

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