Posted in: news

19th June 2014

Risky Business: True Accounting for the Economic Risk of Climate Change

How much economic risk does the United States face from the impacts of climate change? This is the type of question that all countries as well as companies and other entities should probably begin to answer, and The Risky Business Initiative is leading the way in the United States.

To answer this question, an independent risk assessment will be released on June 24th, 2014 that combines existing climate data with original research in an attempt to quantify the economic cost of unmitigated climate change. Coupled with this risk assessment, an engagement effort will begin that identifies the sectors most at risk, and begins to work with sector leaders and government to prepare appropriately.

On June 17, 2014, The Risky Business Initiative released an open letter, originally appearing in the Wall Street Journal reiterating the concern that climate change poses an unquantified and major threat to the U.S. economy. "While we know America’s businesses are highly adept at identifying opportunities and threats, and adapting to the ever-changing business climate, we are concerned that major U.S. industries, financial institutions, and business leaders are disregarding the economic risks we face from climate change," the group said.

Risky Business is offering "an important first step toward a true accounting of the risks of climate change" hoping to catalyze action.To read the full open letter click here.