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
    Podcast Host and 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 

Global Governance

In 2022, several colossal events dominated the headlines, most prominently the war in Ukraine and the worldwide inflation that it helped spark. But beyond Ukraine, events with global implications continued to unfold. In this episode, Why It Matters checks in with three CFR fellows and CFR President Richard Haass to understand the least-covered stories of 2022 and to take a peek at what could await the world in 2023.

Technology and Innovation

For years, the world thought of the internet as a borderless zone that brought people from around the world together. But as governments pursue very different regulatory paths, the monolithic internet is breaking apart. Now, where there had been one, there are at least three internets: one led by the United States, one by China, and one by the European Union.

International Organizations

The 2022 FIFA World Cup has kicked off in Qatar, and billions of fans worldwide are tuning in to the world’s most popular live event. And yet as in years past, the Qatar Cup is transpiring under the shadow of controversy.

Top Stories on CFR

United States

In addition to minority communities and those on the political left, far-right and white supremacist extremism threatens violence against institutions conservatives cherish as well, such as the U.S. military.



China has so far been able to feed its 1.4 billion people, but climate change and a dependence on imports could pose challenges.