Climate change is taking a financial toll.
Former Treasury Secretary Henry Paulson, Michael Bloomberg, and Tom Steyer have released a report that indicates that climate change could have disastrous effects on the US economy.
From the Wall Street Journal:
The study concludes that within the next 15 years, higher sea levels, storm surges and hurricanes could raise the annual price tag for coastal damage along the East Coast and the Gulf of Mexico to $35 billion. Some Midwestern and Southern agricultural areas could see a decline in yields of more than 10% over the next five to 25 years due to increased drought and flooding, unless farmers adapt their crops, according to the study.
Renewable energy is key to combating climate change, and smart public policy will be required to maintain economic development in the face of a changing environment.