The three men will also co-chair the study, which will look at the price tag of increased storms, droughts, floods and extreme heat.

It's an attempt to persuade investors, policy makers and the public that the costs of curbing carbon emissions now are far less than the long-term costs of doing nothing to prevent climate change.

Steyer founded Farallon Capital Management, a San Francisco hedge-fund firm with about $20bn in assets. Robert Rubin, who served as Treasury secretary from 1995 to 1999, and former Secretary of State George Shultz will serve as study advisers.

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