This week, the Obama administration unveiled a series of events to highlight the one-year anniversary of the president’s announcement of his climate agenda. The events will also highlight the economic impacts of global warming.
Coincidentally, a report by the group Risky Business says that global warming will cause hundreds of billion of dollars in damages from sea-level rises, heat waves and falling crop yields. The report even warns it could get so hot in some regions of the country that it may not even be healthy for humans to remain outdoors.
“Climate change is nature’s way of charging us compound interest for doing the wrong thing,” said liberal billionaire and environmentalist Tom Steyer, who co-chairs Risky Business. “The longer we wait to address the growing risks of climate change, the more it will cost us all. From a business perspective, given the many benefits of early action, it would be silly to allow these risks to accumulate to the point where we can no longer manage them.”
Steyer is a major Democratic donor and former hedge fund manager turned environmental activist who gained favor with the environmental left after pouring millions of dollars into opposing the Keystone XL pipeline and backing pro-climate policy candidates. He recently pledged to spend $100 million to make global warming a top issue in the elections this fall.
Last year, Steyer came under fire for still having holdings in his former hedge fund, Farallon Capital, which held stock stock in Kinder Morgan — which was trying to build a pipeline that would have competed with the Keystone XL pipeline.
Steyer still held investments in his former company and was opposing Keystone. Steyer’s handlers now say he will be completely divested out of fossil fuels by the end of this month.
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