The Obama administration’s latest financial issue: climate change

Obama says initiatives to help combat global warming will save consumers more than $60 billion on energy bills
The Obama administration’s latest financial issue: climate change

by Katie Zezima | The Washington Post | June 25, 2014


Last June, President Obama laid out an ambitious agenda to combat climate change during a speech at Georgetown University.

Exactly a year later, the administration issued a progress report on that plan and started casting the issue as a crisis not only for the planet, but the economy.

The argument is an interesting one, as conventional wisdom from a business standpoint would call for less government intervention, not more, on such an issue. But a group of prominent financial and political figures, including former Treasury secretary Henry M. Paulson Jr. and Cargill executive chairman Gregory Page, issued a report saying that environmental risks can potentially be avoided by early investments. The group, called the Risky Business Project, wants to show the dangers of climate change through a financial lens.

Obama is meeting Wednesday with a member of the group, Tom Steyer, a hedge fund billionaire who vowed to unload investments in oil and gas and is now bankrolling Democratic candidates who are vowing to fight global warming. Obama will also address the League of Conservation Voters Wednesday night.

How is the White House casting climate change as an economic issue? Here are a few tidbits from the White House report.

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