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The big new federal report on the effects of climate change released on Black Friday explores how global warming could eventually increase U.S. power costs by tens of billions of dollars annually.

Expand chart
Data: Hsiang et al. 2017; Map: Harry Stevens/Axios

Why it matters: The energy chapter of the 1,656-page report lays out a suite of ways that higher temperatures and extreme weather affect power and fuel infrastructure and availability — and the financial toll.

Threat level: On power bills specifically, even though buildings and appliances are getting more efficient, higher temperatures will generally come with higher electricity costs. Why?

  • There will be higher power demand (in part for more cooling in a hotter world), combined with higher temperatures reducing the efficiency of power generation and delivery.
  • And there's the need to build new generation capacity to meet higher demand, with billions in costs ultimately passed along to homes and businesses.

By the numbers: By 2040, nationwide residential and commercial power expenditures are projected to rise by as much as 18% if carbon dioxide keeps piling up in the atmosphere unchecked (with lower projections if emissions are cut significantly).

  • "By the end of the century, an increase in average annual energy expenditures from increased energy demand under the higher scenario is estimated at $32–$87 billion," the report states.

The big picture: Higher energy costs are one of many potential outcomes in a warming world. More broadly, the report warns of "hundreds of billions of dollars" in annual losses to some economic sectors without scaled up actions to adapt to current changes and slash emissions to avoid future warming.

Go deeper:

Go deeper

Erica Pandey, author of @Work
9 mins ago - Economy & Business

The broken pipeline for Latino executives

Illustration: Annelise Capossela/Axios

Latino professionals have the widest gap between representation in the labor force and executive positions — bigger than that of any other minority group.

Why it matters: Latinos will make up a quarter of the U.S. population by 2050, and scores of U.S. firms profit off of Latino consumers, but this group is absent from the business world's highest and most impactful decision-making positions.

Salesforce will buy Slack for $28 billion

Illustration: Sarah Grillo/Axios

Salesforce on Tuesday afternoon said the company will pay $27.7 billion in cash and stock to buy workplace collaboration platform Slack.

Why it matters: This is the largest software merger since IBM agreed to buy Red Hat in late 2018, and creates a cloud giant that can better compete with Microsoft.

McConnell circulates revised GOP coronavirus stimulus plan

Senate Majority Leader Mitch McConnell (R-Ky.) talks with reporters in the Mansfield Room at the U.S. Capitol. Photo: Chip Somodevilla/Getty Image

Senate Majority Leader Mitch McConnell circulated a new framework for coronavirus stimulus legislation to Republican members on Tuesday that would establish a fresh round of funding for the small business Paycheck Protection Program and implement widespread liability protections, according to a copy of the draft proposal obtained by Axios.

Driving the news: The revised GOP relief plan comes after McConnell's meeting with House Majority Leader Kevin McCarthy, Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows, during which they went over in detail what provisions would get backing from President Trump.

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