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.

Play Button Pause Button
0:00 0:00
  • 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 

Maternal and Child Health

In the past thirty years, sixty countries have expanded access to abortion care as an underpinning of maternal health. The 2022 U.S. Supreme Court decision overturning Roe v. Wade made the United States the fourth country ever to decrease access to abortion—and the world took notice. Some countries have since reinforced protections for abortion care, while others have moved to further restrict it.


Prime Minister Narendra Modi is the most popular man in India. On track to be elected for a third term, he has boosted the country’s global standing and propelled strong economic growth while consolidating power and galvanizing majoritarian support for his Hindu nationalist agenda—all while growing closer to the United States. How could Hindu nationalism reshape India?


In a wide-ranging conversation, Foreign Affairs Editor Dan Kurtz-Phelan joins Why It Matters to discuss nonpartisan publishing in a polarized political climate, the state of press freedom around the world, and the future of journalism.

Top Stories on CFR


NATO (North Atlantic Treaty Organization)

The war in Ukraine marks a new era of instability in Europe. Countering Russia’s efforts will require a stronger, more coordinated NATO.


After the rise of Chinese power during the 2010s and failed U.S. policies in the Indo-Pacific, the United States should renew the Pivot to Asia and place the region at the center of its grand strategy.*