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Photo: Florian Gaertner/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.

Why now: 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 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: What your city's climate will be in 2080

Go deeper

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.

U.S. Chamber decides against political ban for Capitol insurrection

A pedestrian passes the U.S. Chamber of Commerce headquarters as it undergoes renovation. Photo: Andrew Harrer/Bloomberg via Getty Images

The U.S. Chamber of Commerce revealed Friday it won't withhold political donations from lawmakers who simply voted against certifying the presidential election results and instead decide on a case-by-case basis.

Why it matters: The Chamber is the marquee entity representing businesses and their interests in Washington. Its memo, obtained exclusively by Axios, could set the tone for businesses debating how to handle their candidate and PAC spending following the Jan. 6 Capitol attack.