Experts back report on cost to regional economies from climate change

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This combo made from file photos shows former New York City Mayor Michael Bloomberg, left, and former Treasury Secretary Henry Paulson. Climate change will exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and higher health expenses, according to a report backed by Bloomberg, Paulson and Thomas F. Steyer, a former hedge fund manager. (AP Photo/Bebeto Matthews, Pablo Martinez Monsivais, File)

NEW YORK, N.Y. – Climate change will exact enormous costs on U.S. regional economies in the form of lost property, reduced industrial output and higher health expenses, according to a report backed by a trio of men with vast business experience.

The report, released Tuesday, is designed to convince businesses to factor in the cost of climate change in their long-term decisions and to push for cutting emissions that are heating the planet.

The report was commissioned the Risky Business Project, which describes itself as non-partisan and is chaired by former New York City Mayor Michael R. Bloomberg, former Treasury Secretary Henry M. Paulson, Jr. and Thomas F. Steyer, a former hedge fund manager.

Among the predictions: Between $66 billion and $106 billion in coastal property will likely be below sea level by 2050.

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