A worker repairs a utility line in the aftermath of the Camp fire in Paradise, Calif. Photo: Justin Sullivan/Getty Images

While governments and corporations are starting to protect themselves from the impacts of climate change, Morgan Stanley says private businesses need to do more.

What to watch: The investment bank's strategists are recommending companies strongly consider preparing for a world with more frequent and intense weather events, rising sea levels, changes to agriculture and the spread of infectious disease.

"We expect the physical risks of climate change to become an increasingly important part of the investment debate for 2019," Morgan Stanley equity strategists Mark Savino, Jessica Alsford and Victoria Irving said in a research note Wednesday.

The big picture: The note also highlights a number of worrying statistics.

  • Climate disasters cost the world $650 billion over 3 years and Americans are bearing the brunt.
  • North America absorbed two-thirds of the global cost of climate disasters over the last 3 years.
  • At $415 billion, the price of the disasters is equal to 0.66% of North America's GDP.
  • Near-term disruptions and long-term structural changes present risks to many sectors of the economy.

Go deeper

Trump and Biden clash over COVID: "It is what it is because you are who you are"

Joe Biden attacked President Trump at the presidential debate on Tuesday for his response to the coronavirus pandemic, accusing him of panicking and failing to prepare for the crisis when he was warned about it in February.

The big picture: "It is what it is because you are who you are," Biden said, alluding to an answer Trump gave in an interview with "Axios on HBO" when asked about the 150,000+ death toll from the coronavirus. Trump responded by claiming that Biden would not have shut down travel from China in the early days of the pandemic, and he defended his administration's mass production of ventilators and protective equipment.

Debate dashboard: Catch up fast

Photo: Win McNamee/Getty Images

Biden: "I am the Democratic Party right now"

Responding to President Trump's insistence that the Democratic Party "wants to go socialist medicine," Joe Biden said at the presidential debate on Tuesday: "I am the Democratic Party."

Why it matters: Trump has repeatedly claimed that the Democratic nominee is not in control of his party and that he will be "dominated" by progressives like Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez. Unlike other candidates who Biden ran against in the Democratic primary, he does not support Medicare for All or abolishing private health insurance.