Michael Bloomberg, an independent, is mayor of New York. Hank Paulson, a former chairman of Goldman Sachs and Treasury secretary in the George W. Bush administration, is chairman of the Paulson Institute, which promotes sustainable economic growth. Tom Steyer is the founder of Farallon Capital Management and co-founder of Next Generation.
If the United States were run like a business, its board of directors would fire its financial advisers for failing to disclose the significant and material risks associated with unmitigated climate change.
Managing risk is necessary for individuals, investors, businesses and governments. As individuals, we buy insurance for our homes, vehicles and health because the future is unpredictable. Businesses take similar actions and save, when they can, for the next economic downturn. Investors diversify their portfolios and hedge their bets for the same reason. And for governments, managing risk can mean anything from maintaining a standing army (in case of war) to filling a strategic petroleum reserve (to protect against severe shocks in oil prices).