This week the Daily Herald ran a story about global warming ("Money men tally cost of climate change," Business, June 24), but not the usual stuff. Instead of sad polar bears or disappearing tropical islands, the story talked about something most Americans actually care about: money. And the favorite whipping boy of climate "skeptics" -- Al Gore -- did not even make an appearance!
Instead, the report was commissioned by former GOP Treasury Secretary Hank Paulson, former New York Mayor Michael Bloomberg and hedge fund tycoon Tom Steyer. The report was not written by some left-leaning environmental group, but by two respected economic analysis and risk management firms. It soberly declared that the costs of global warming, for the U.S. alone, will run up a tab in the hundreds of billions before your grandchildren retire.
These hard-nosed businessmen also recommended the only remedy that can really have a broad and deep impact is putting a price on carbon. And, in spite of the howls of some politicians, a carbon fee would not slow the economy, but would in fact accelerate it if the money were returned to consumers in the form of an across-the-board equally distributed rebate. This was shown in another economic analysis released earlier this month by Regional Economic Models Inc.
To put the icing on the cake, this latest report came on the heels of the global temperature data showing that May 2014 was the hottest May on record. Not impressed by that? Take note that the last time we had a global cold temperature record was in December 1916. What more do we need to close the spigot of hot air spouting from politicians and interest group lobbyists who still deny the reality of global warming?