An effort co-chaired by former New York City Mayor Michael Bloomberg, former Secretary of Treasury Hank Paulson and asset manager-turned-environmentalist Tom Steyer aims to “quantify and publicize the economic risks the United States faces from the impacts of a changing climate.” The Risky Business initiative has two components: an independent risk assessment to quantify the economic costs the U.S will face due to the effects of climate change and an engagement effort targeting key economic sectors (including the water sector) to help sectors prepare for climate risks.
On January 13, the co-chairs announced the members of a risk committee who will oversee the climate change risk analysis. The group includes former Sen. Olympia Snowe (R-Maine); George Shultz, former secretary of State and the Treasury; and three Clinton-era cabinet members: Treasury Secretary Robert Rubin, Housing and Urban Development Secretary Henry Cisneros, and Health and Human Services Secretary Donna Shalala. In a statement, Michael Bloomberg said the committee “will be instrumental in helping us develop the rigorous metrics we need to battle climate change effectively.” Co-chair Tom Steyer added, “The new Risk Committee members provide the expertise needed to expand our reach, and effectively engage health care professionals, farmers, and others on the risks they face from climate change."
According to the announcement, the risk committee will have two roles. It will review the economic risk analysis methodology to ensure the findings are sound and will deliver “strong and effective messages” about climate risks to “influential audiences across the country.”
Launched last fall, the effort is led by Kate Gordon, executive director for the project and director of the climate and energy program at Next Generation, a non-profit organization co-founded by Steyer.
The group will release the results of the risk assessment this summer.