Climate change affects more than just the environment. It poses a risk to the economy as well, says former U.S. secretary of the treasury Henry Paulson Jr.

And the New York Times reports that Paulson says the looming crisis will be worse than that of 2008. Two of the main challenges as a result of climate change include excess debt and flawed government policies.

He urges governments “to craft national policy that uses market forces to provide incentives for the technological advances required to address climate change.”

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