Cargill exec, ex-U.S. Treasury chief warn of climate change risks

Extreme heat events caused by climate change could transform the Midwest's economy, a Cargill executive and a former U.S. Treasury secretary told a Minneapolis business crowd on Friday.

Greg Page and Henry Paulson discussed the Risky Business Project's latest findings, which focus on the Midwest. According to the report, the manufacturing and agriculture sectors face major challenges.

"We've got time to avoid the worst outcomes if we start to act soon," Paulson, who served under President George W. Bush, said during the event held by the Economic Club of Minnesota. "Businesses can't do that. Government needs to do that."

For Minnesota, the report predicts parts of the state could see up to 19 days of 95-degree weather in the summer by mid-century and up to 62 days by the end of the century. The report also predicts rising energy demand as Minnesotans rely more on air conditioning and indicates state farmers may also see longer growing seasons.

Paulson encouraged business leaders to lobby for action at the federal level to reduce greenhouse gas emissions.

Page, Cargill's executive chairman, said although the term "climate change" is polarizing language in the farming community, "it's too important an issue to be dismissed."