Businesses warned they could bear brunt of climate change

Climate change is likely to exact enormous costs on US regional economies in the form of lost property, reduced industrial output, and more deaths, according to a report backed by a trio of men with vast business experience.

The report is designed 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.

It was commissioned by the Risky Business Project, which describes itself as non-partisan and is chaired by the former New York City mayor Michael Bloomberg, former treasury secretary Henry Paulson Jr, and Thomas Steyer, a former hedge-fund manager.