Pricing Our Climate

As the effects of climate change move from scientific predictions to daily headlines, some investors have begun sounding the alarm about impending dangers to financial markets. In this episode, experts break down the intersection of climate change and the economy, and examine whether the persuasive power of the dollar can be leveraged in the fight for climate action.

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  • Gabrielle Sierra
    Director, Podcasting

Asher Ross - Supervising Producer

Markus Zakaria - Audio Producer and Sound Designer

Rafaela Siewert - Associate Podcast Producer

Episode Guests
  • Kate Mackenzie
    Green Columnist, Bloomberg
  • Michael Greenstone
    Professor of Economics, University of Chicago

Show Notes

In early 2020, BlackRock CEO Larry Fink penned a letter laying out the long-term investment risks posed by climate change. It brought attention to the ways shifting consumer sentiment, regulation, and physical risk all could alter the playing field. But even as some pension fund managers and other investors with long time horizons are increasingly planning for climate change, much of Wall Street is continuing business as usual. What incentives and policies are needed before markets will unleash their power in the fight for climate action?


From CFR


The Coming Climate Disruption, With Alice C. Hill,” The President’s Inbox 


Envisioning a Green New Deal: A Global Comparison,” Andrew Chatzky  


OPEC in a Changing World,” Andrew Chatzky and Anshu Siripurapu 


Adapt or Perish,” Alice C. Hill and Leonardo Martinez-Diaz, Foreign Affairs 


Australia’s Fires Will Rage Again. Here’s How the Government Can Prepare,” Alice C. Hill  

Read More


BlackRock’s Arbitrage Won’t Stop Climate Change: Kate Mackenzie,” Bloomberg 


What Financial Markets Can Teach Us About Managing Climate Risks,” Michael Greenstone, New York Times 


A Fundamental Reshaping of Finance,” Larry Fink, BlackRock 


Can Wall Street save us from climate change?,” Washington Post


Pay Now Or Pay Later: The Certain Cost Of Climate Change,” Forbes


How much can financiers do about climate change?,” Economist 


The Catastrophic Risks of Climate Change: The US Turns Its Back on the World,” Alice C. Hill, Lawfare


Ten facts about the economics of climate change and climate policy,” Brookings Institution


Climate Change’s Giant Impact on the Economy: 4 Key Issues,” New York Times 


Climate finance is failing the communities most at risk on a warming planet,” Reuters 

Watch or Listen


Why climate change means new risks for U.S. financial markets,” PBS Newshour


Investing in the age of climate change,” Financial Times


What is Climate Change?,” Al Jazeera 


How Energy Got So Cheap,” Wall Street Journal 


Financial risks of climate change are bigger than any other crisis: BlackRock CEO Larry Fink,” CNBC 

Robots and Artificial Intelligence

Billions of people will take to the polls next year, marking the world’s largest-ever electoral field. But this historic scale is not the only thing that will make 2024 unique. As new threats like deep fakes become cheaper and more widespread, these upcoming elections could serve as a test run for democracy in the artificial intelligence (AI) era. What risks does AI pose to elections next year? And will a surge in AI-powered disinformation change the nature of democratic elections?

Israeli-Palestinian Conflict

Scenes from the Israel-Hamas war have reverberated across the world. In the United States, debate about the conflict has intensified, and it has resurfaced long-standing questions about policy toward Israel and the Palestinian territories. What is the U.S. goal for the region? And how is the United States responding to the war?


International trade has shaped the world for much of the past century. Countries benefited from the global flow of goods, and the world became richer and safer. At the same time, many Americans lost their jobs to cheaper overseas competitors. Now, a series of compounding challenges, including great power competition and climate change, have led U.S. officials to rethink trade policy. What's next for international trade? And can the United States retain the benefits of trade while protecting critical supply chains and fighting climate change?

Top Stories on CFR


Miriam Elder, the Edward R. Murrow press fellow at CFR, and Carla Anne Robbins, a senior fellow at CFR and co-host of CFR’s The World Next Week podcast, sit down with James M. Lindsay to discuss where the war between Russia and Ukraine is headed as it enters its third year. 

Palestinian Territories

The leading UN aid agency for Palestinian refugees is engulfed in allegations that twelve of its employees were involved in the Hamas attacks on southern Israel. The agency faces severe funding cutbacks, with huge consequences for hundreds of thousands of Palestinians. 

United States

New U.S. Census Bureau data shows the United States importing more goods from Mexico than from China. Will the shift change the global trading landscape?