At a hearing today of the Senate Environment & Public Works Committee, I testified that businesses seeking to adapt to changing climate and weather models are best served by a tax code that retains robust capital cost recovery, coupled with reductions in regulatory and permitting barriers. Business investments are judged on the basis of their costs and benefits and until there is more convergence on the wide range of climate modeling, businesses are unlikely to make any adaptations beyond “no regrets” steps (or changes that would be undertaken in the normal course of business).
Read more about the hearing and see my full testimony here.
