The latest report by the Risky Business Project series focuses on the climate related risks and resulting economic impacts to California if actions are not taken nationally or globally to reduce greenhouse gas emissions. Released on April 2, From Boom to Bust? Climate Risk in the Golden State highlights impacts to the state’s agriculture industry, hydropower output and water supplies. Additionally, the report says that $8 billion in coastal property will likely be underwater due to sea level rise by 2050.
As with similar Risky Business Project studies, the report says that action now by business leaders and policymakers to mitigate and adapt to climate impacts can significantly reduce the many significant economic risks faced by California.
The Risky Business Project, launched in 2013, aims to quantify climate risks and create a non-partisan discourse among business and policy leaders about potential actions that can be taken to reduce climate risk regionally, nationally and around the world. The project co-chairs are Michael R. Bloomberg, Henry Paulson and Tom Steyer.