A cadre of Republican former officials are breaking with their Capitol Hill colleagues to push for action on climate change.
Henry Paulson, who was President George W. Bush's Treasury secretary, is the latest, writing in a The New York Times opinion piece Sunday to warn of a looming "climate bubble" that poses "enormous risks."
"If there's one thing I've learned throughout my work in finance, government, and conservation, it is to act before problems become too big to manage," he writes.
Paulson had a front-row seat for the bursting of the credit bubble that wreaked havoc on the economy in 2008, noting, "It's fair to say that I know a little bit about risk." This time he has a proposal to lessen the danger of the "climate bubble": A carbon tax.
Expect to hear more from Paulson on Tuesday when he, ex-New York Mayor Michael Bloomberg, and billionaire climate activist Tom Steyer — who have a joint initiative called Risky Business — release a report on the economic perils of climate change.
Paulson is part of a boomlet of GOP former officials breaking publicly with Capitol Hill Republicans on climate change.
Last week, four former EPA chiefs who served under Republican presidents testified before a Senate committee on the need to address climate change. Democrats, who called the the four as witnesses, are trying to politically isolate congressional Republicans who are skeptical of climate science and oppose regulation or market-based proposals such as cap-and-trade or taxes.