Robert Pindyck is Professor of Economics and Finance at the Bank of Tokyo-Mitsubishi at the MIT Sloan School of Management. He is the author of „Climate Future: Averting and Adapting to Climate Change“ (Oxford University Press). We cannot predict how extensive climate change will be in the coming decades, nor can we predict its economic and social impacts. But we must prepare for the worst and start investing in adaptation now. (Robert Pindyck)