By a 6-3 vote, the Supreme Court said the Environmental Protection Agency does not have broad authority to regulate greenhouse gas emissions from power plants that contribute to global warming.
Jerome Haegeli, Swiss Re's group chief economist who analyzes economic and insurance market research, shares how the sector is looking at the risks of climate change.
The justices heard arguments in the case on the same day that a United Nations panel’s report warned that the effects of climate change are about to get much worse, likely making the world sicker, hungrier, poorer and more dangerous in the coming years. But that plan never took effect. Acting in a lawsuit filed by West Virginia and others, the Supreme Court blocked it in 2016 by a 5-4 vote, with conservatives in the majority.
Adding to the unusual nature of the high court’s involvement, the reductions sought in the Obama plan by 2030 already have been achieved through the market-driven closure of hundreds of coal plants.
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