2014/07/16 Council Agenda Packet

high -cost climate futures. Unlike any other study to date, we also provide geographic granularity for the impacts we quantify; rr some cases providing county -level results. Our findings show thainue on our current path rnany regions of the U,S, face the prospect of serisus eco- nomic effects from climate change. However. if we choose a different path —if we act aggressively to botf; adapt to the changing climate and to mitigate tut:E ire irr;pacts by reducing carbon emission ;—We ::an significantly reduce our exposure to the worst economic risks change, and also demonstrate global headers i't13 on ciirrlate. Climate Co Our research focuses on f ill na irf } acts tro 1l too sy oil' to the year 2100, which may seem far off to many inves- tors and pol cy rakers. But climate impacts are unusu::i in that future risks are directly tied to present decisions. Carbon dioxide and other greenhouse gases can stay in the atmosphere for hundreds dreds or even thousands of years. Higher concentrations of cites,titese gases create :i "greenhouse effect: and lead to nperature s, nigher sea gevels, and shifts in globa weather patterns. The effects a"e cumulative: By not acting tl low T E1 M CLIMATE THREATS The American economy is already F Mg to feel ;. the effects of climate change- These t cts will likely grow rl aterraily over the next 5 to 25 years and affect the future performance of totiars nets: investment decisions in the following areas: Coastal property and infrastructure. Within the next 15;years, .higher sea levels combined with storm surge will likely increase the average annual cost of coastal storms along the Eastern Seaboard and the Gulf of Mexico by U. billion to $3.5 billion Adding in potential changes in hurricane activity, the likely increase in average annual losses grows to up to $7.3 billion, bringing the total annuaprice tag for Ingri- d other coastal storms to'5.35 billion.;. e going forward four cep twin c counties in the Midwest and South will be nt. Without adapWtion,.some Midwestern. thern counts could see a decline in yields of Tire than 1O% 0 ver thenet 5 to 25 years should they continue to sow coal, wheat soy and cotton, with a 1-in-20 chance afyield losses of these crops of £ . more than 20%. t r ri A defirtift character' hi the U.S. is its ability to adapt, agriculture adaptaation Energy. Greenhouse gas -driven change in tempera- ture will likely necessitate theconstruction of up to. 95 gigawatts of new power generationcapacity over the next 5 to 25 years---theequivalent of roughly 200 average coal or natural gas -fired power planostt. ing residential and commercial a ratepayers up to $12` billion per year: RISKY BUSINESS The Economic Risks of Climate Change In the United States