SAN FRANCISCO – A comprehensive report , “Risky Business: The Economic Risks of Climate Change in the United States,” released June 24, warns that rising seas, increased damage from storm surge and more frequent bouts of extreme heat all have specific and measurable impacts on the nation’s current assets and economic activity.
The Risky Business Project is co-chaired by former New York City Mayor Michael R. Bloomberg, former U.S. Secretary of the Treasury Henry Paulson and retired founder of Farallon Capital Management Tom Steyer.
“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,” said Bloomberg in a statement when the report was released.
The report examines potential impacts of climate change by region and state. Among the projections for Rhode Island are that from 2020 through 2039 the average summer temperature is expected to rise from 70.62 degrees to 72. 51 degrees, electricity demand will rise, and annual coastal storm damage will range from $168 to $181 million, an increase of 6 percent to about 14 percent from the current cost of storm damage.
The northeast region’s major climate impact will be sea level rise and its effect on coastal infrastructure, according to the report.