Co-Author of Chilling Climate Change Report Warns of Imminent Threat to Economy
*By Christian Smith*
If you didn't find this weekend's dramatic climate report unsettling, read it again.
Andrew Light, distinguished senior fellow at the World Resources Institute and co-author of the report, said on Cheddar Monday that the effects of climate change are imminent ー unless the federal government acts now.
"It is threatening almost every sector of the economy ー of course more so those sectors that are dependent on natural resources," Light said.
"We should start moving with the most effective and efficient policies that can begin switching our energy sources in earnest from fossil-fuel based to non-fossil fuel based, and also begin to lead the entire country on measures towards adaptation and resilience."
The Trump administration released its dire findings on the Friday after Thanksgiving, timing many have called suspicious ー among them, Politico reporter Matt Daily, who thinks officials meant to bury the news on a holiday weekend.
"I don't know if burying it on Black Friday was a very successful tactic," Daily told Cheddar, noting that the attempt to downplay the news only handed environmental advocates a new line of criticism against the administration.
The [National Climate Assessment](https://nca2018.globalchange.gov/), which is required by federal law to be published every four years, found that climate change will cost the American economy hundreds of billions of dollars by the end of the century and will endanger thousands of American lives each year. The White House issued a [statement](https://www.nytimes.com/2018/11/25/climate/trump-climate-report.html) saying that the report, which was instituted under the Obama administration, was "largely based on the most extreme scenario” of global warming.
Daily disagreed.
"That's a bit of a stretch, to put it mildly," Daily said. "The report offers quite a wide range of what's possibly coming our way by the end of the century."
Light noted that some states and cities were already moving in the right direction ー but he added the federal government needs to take the lead.
"The U.S. federal government is not leading even though we are seeing states and cities do quite a lot," Light said.
As the U.S. continues to face supply chain shortages, President Joe Biden is reassuring U.S. consumers that the supply chain is in "very strong shape" ahead of the all-important holiday season. As supply bottlenecks start to show signs of improvement, the industry may be faced with yet another challenge: the Omicron variant. Rob Caucci, Co-Founder & Co-CEO of Fillogic joined Cheddar's Opening Bell to discuss.
Markets rebounded Monday morning after Friday's deep sell-off that saw the Dow suffer its worse day since 2020. It comes as investors continue to react to the impact of the omicron variant on the broader reopening. Eddie Ghabour, Co-Owner at the Key Advisors Group joined Cheddar's Opening Bell to discuss.
Markets bounced back this morning with travel leading the gains after plunging on Monday as the first case of Omicron was detected in the U.S. Jimmy Lee, CEO, Wealth Consulting Group joined Cheddar's Opening Bell to discuss.
The market saw investors react to comments by the World Health Organization's chief scientist, who suggested existing vaccines are likely to offer protection against the new variant. According to Thomas Hayes, chairman of Great Hill Capital, the next two weeks will be crucial as the markets watch for not only the effects of the Omicron variant, but also the Fed's decision on a taper.
It's Friday at long last. Jill and Carlo cover the latest on Omicron, including a possible superspreader event in NYC. Plus, previewing the November jobs report, a new Zoom feature no one asked for, and when it's no longer a good idea to eat Thanksgiving leftovers.
Following the Mississippi abortion case, the fate of Roe V. Wade is at stake. A decision is expected next summer, right around the time midterm candidates will be making their cases to voters. Laura Packard, executive director of Health Care Voter, joins Cheddar News to discuss how the ruling will impact upcoming elections.
Stock markets around the world continue to be impacted by fears of the new Omicron COVID-19 variant. President Biden today reiterated his stance that the new strain is cause for concern, but not cause for panic. Wells Fargo Investment Institute Global Equity Strategist Scott Wren joined Cheddar News' Closing Bell to discuss.
Jill and Carlo discuss what appears to be the beginning of the end of Roe v. Wade, another victim dies following the school shooting in Michigan, Omicron in the U.S., Trump's Covid chronology and more.
