Warren Buffett to shareholders: climate change is nothing to worry about

But critics take the billionaire investor to task for saying, in an annual shareholder letter, that fears about the negative impact of climate change on Berkshire Hathaway's insurance business are unfounded

Environmental advocacy groups have criticized billionaire businessman Warren Buffett for his recent claims that climate change will be a manageable and profitable risk for the insurance industry.

In his annual letter to shareholders of his conglomerate Berkshire Hathaway, Buffett pointed out that the potential devastation caused by climate change will benefit - not harm - his insurance subsidiaries. He laid out his argument in response to a shareholder proposal asking Berkshire to assess and report the financial risks of climate change on the insurance business. The proposal reflects concerns that the insurers of homes and other properties will have to pay out big money in climate change-related claims and lose lots of money as a result.