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Climate Change Will Be Costly and Deadly, Business Gurus Say

/ Source: Associated Press

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More deaths, lower industrial output and further losses in property. That's the price tag that three top business gurus -- former New York City Mayor Michael R. Bloomberg, former Treasury Secretary Henry M. Paulson Jr. and Thomas F. Steyer, a former hedge fund manager -- have clapped on climate change. In a report released Tuesday, the trio are aiming to convince businesses to factor in the cost of climate change in their long-term decisions and to push for reductions in emissions blamed for heating the planet. Among the predictions: Between $66 billion and $106 billion in coastal property will likely be below sea level by 2050, labor productivity of outdoor workers could be reduced by 3 percent because extremely hot days will be far more frequent, and demand for electricity to power air conditioners will require the construction of more power plants that will cost electricity customers up to $12 billion per year.

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