As part of the Risky Business Project, Energy Innovation CEO Hal Harvey was recently featured in a short video explaining the economic implications associated with shifting weather patterns. Hal begins by describing the normal distribution of summer temperatures, with most measured temperatures occurring near the average and fewer measured temperatures occurring as they move toward the extremes or ‘tails’. Data from recent decades shows that this once-static distribution has begun to shift, moving the entire range of temperatures higher. This means that not only is the average temperature rising, but extreme temperatures are increasing as well. As a result, extreme cold temperatures are being eliminated, while warmer temperatures are experienced more frequently. Additionally, extreme hot temperatures that have never before been experienced now enter the temperature distribution. High temperatures that were once the extremes have now become the norm. In his video, Hal concludes that, unless action is taken, these patterns will persist and accelerate, having economic and social implications beyond imagination.

Click the image above to watch Hal’s video.

The Risky Business Project, co-chaired by Tom Steyer, Hank Paulson, and Michael Bloomberg, was launched last fall with the intention of quantifying and publicizing the economic risks associated with climate change. On June 24, the Project released a final report that discusses the economic impact of climate change based on research and analysis conducted by the Rhodium Group. The report notes that rising temperatures and sea levels could cost the U.S. economy hundreds of billions of dollars in property damage, agricultural loss, and health impacts. The Project’s co-chairs argue for greater investment, both financial and political, to manage climate change risk and avoid major economic and social consequences in the future.