Paulson: Climate Change Is the Enemy We All Face

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June 24 (Bloomberg) -- Hank Paulson, former U.S. Treasury Secretary, talks with Erik Schatzker about the risks posed to the U.S. and global economies by climate change and his suggested steps for preparing a defense and changing the attitudes of business and the government towards climate change. He speaks on “Market Makers.”

Since before the second world war.

Many people do not realize that.

Scientists have been predicting climate change for 50 years.

Today, the research is overwhelmingly conclusive.

I know you share that opinion.

Nothing has been done.

The world needs an action plan.

Give me three practical steps that we can take to deal with this problem now.

Short term is the enemy we all face.

It clearly is.

We face in all facets of life.

We face it on a wall street and in washington.

The practical steps that i think have come out of the study we just released is the first attempt and i think it is a good one to quantify the risk that climate has to our economy.

The steps that come out of that are things that i think business needs to do.

This will be a study.

It is a first attempt.

For the first time, we are quantifying the risk.

Not just the immediate risk and not just the most reasonable cases, but the outside risks.

The really perverse outcomes.

What i would call the big risks.

Investors need to demand that businesses make disclosures.

Make disclosures about the risks.

Make disclosures about carbon emissions.

Make disclosures about the risk of stranded assets.

Secondly, i think business leaders in the united states are the best i have ever seen.

U.s. companies are the best managed companies in the world.

U.s. businesses need to lead on this issue.

The investments they are making today are going to have a lot to do with our economic future.

Businesses need to do more in terms of investing in resilience.

Most importantly, we need to take out a national insurance policy.

We need the federal government to take action.

Right now, businesses and city governments are way ahead of the national government.

Businesses need to do a better job of lobbying and pressing the national government to put the kinds of policy in place that would let us avoid the most adverse outcomes.

Transparency, disclosure,

This text has been automatically generated. It may not be 100% accurate.

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