Bloomberg, Paulson, Steyer back report on cost to regional economies from climate change

The Associated Press

This combo made from file photos shows former New York City Mayor Michael Bloomberg, left, and former Treasury Secretary Henry Paulson. Climate change will exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and higher health expenses, according to a report backed by Bloomberg, Paulson and Thomas F. Steyer, a former hedge fund manager. (AP Photo/Bebeto Matthews, Pablo Martinez Monsivais, File)

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And he said that while other groups have also attempted to calculate the financial impacts of climate change around the world, this report is notable because of the business and financial experience of the people behind it. Beyond the three co-chairs, the members of the group's risk committee include Former Treasury Secretary Robert Rubin, former Cargill CEO Gregory Page, and George Shultz, former treasury secretary and secretary of state.

"These are people who have managed risk all their lives and have made an enormous amount of money doing so," Yohe said.

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