PG&E May Be Business World’s Biggest Climate-Change Casualty Yet

First, more than a decade ago, severe weather bankrupted an electric company in New Orleans. Then it helped take down one in Houston. Now, in California, it has pushed PG&E Corp. to the brink, in the biggest warning yet about the financial risks of climate change.

The utility giant’s critics contend it’s hurtling toward bankruptcy court because of its own negligence and arrogance. But for many months, PG&E has pointed to the culprit of a shifting climate that led to devastating wildfires and, now, crushing liabilities. It’s “a real wake-up call” for businesses across the country, said Ian Monroe, ...