On July 28, the Risky Business Project released a new report, Come Heat and High Water, highlighting the severe economic risks from climate change to the economies of the Southeastern U.S. and Texas.
The Risky Business Project, funded by Michael Bloomberg, Henry Paulson and Tom Steyer, focuses on quantifying and publicizing the economic risks from the impacts of a changing climate.
The report’s authors say there is no single top-line number that represents the cost of climate change to the Southeastern economy as a whole. Instead, the report addresses the impacts state-by-state and looks at the specific risks each faces from climate change due to rising temperatures. For instance, the authors write, “During the past 30 years, the typical Floridian has experienced an average of seven days per year with temperatures above 95°F. But by 2020-2039, that number is likely to reach up to 32 such days.” This, they say, will drive down labor productivity and overall quality of life in Florida. The report also notes that, in Florida, “[b]y 2020-2039, rising electricity demand related solely to climate change is likely to increase residential and commercial energy expenditures by up to 9%.”
Despite variability from state to state, the authors were able to make some general predictions. All of the 12 states will experience additional high-heat days, changes in precipitation, declines in agricultural productivity, increases in electricity demand and cost, heat-related increases in mortality and decreases in labor productivity. Coastal states will experience inundation from higher mean sea levels and high tide lines.