New York, NY —

A panel of leaders from science, government, and business will spend the next 12 months projecting the risks of climate change for the city.

Mayor Michel Bloomberg announced the New York City Panel on Climate Change. A co-chair of the panel, Dr. Cynthia Rosenzweig of Columbia University, says higher temperatures will likely mean all kinds of problems.

ROSENZWEIG: Besides the sea level rise and the enhanced coastal flooding....you mentioned heatwaves, that's very important. On the infrastructure: the actual heat on the materials.

REPORTER: At the end of one year, the panel will issue a report, including detailed projections of the effects of climate change, and recommendations on what to do about them.