Warren Buffett: Global Warming Not Causing Extreme Weather
Business magnate Warren Buffett contradicted a major Obama administration talking point by saying that global warming was not causing extreme weather.
The CEO of Berkshire Hathaway told CNBC that he has not changed the way his companies calculate the likelihood of a natural disaster because of global warming.
Berkshire Hathaway owns several insurance companies that often have to pay out huge claims when natural disasters strike. Environmentalists and the Obama administration have warned that global warming has caused natural disasters like hurricanes to become fiercer and more common.
But Buffett’s experience leads him to believe otherwise, saying that insuring against hurricanes in the U.S. has been a profitable venture in recent years as only a few storms have actually made landfall.
“I think that the public has the impression that because there has been so much talk about climate, that events of the last 10 years, from an insured standpoint on climate, have been unusual,” Buffett told CNBC’s “Squawk Box.” “The answer is, they haven’t.”
“You read about these events, but you read about events 30, or 40, or 50 years ago,” he added.
Buffett’s comments fly in the face of efforts by the Obama administration to tie weather events to global warming.