The plausible worst-case scenario of charging ahead with measures to combat climate change isn't actually that bad, not to mention the ancillary benefits outlined by Schwarzenegger. Aggressively stimulating the renewables economy would be a death knell for the fossil-fuel industry, which could harm the overall economy (though renewables would also contribute positively). It would be disruptive to sections of the country that are dependent upon the fossil-fuel industry (coal country in Kentucky, for instance), which would be very hard on the people living there. This is certainly bad and should not be done lightly, but it's hardly apocalyptic.
The plausible worst-case scenario of failing to address climate change is _really_ bad, ranging from property destruction all the way to civilizational collapse or even potentially human extinction[1]. In a world with nuclear weapons, large-scale destabilization resulting from famine, drought and loss of land to flooding is a very dangerous thing. The Earth is the only home we have, why even flirt with the possibility of disrupting our currently livable climate?
...and that argument doesn't even take the scientific consensus on the existence of human-cased global warming into account.
[1]: https://en.wikipedia.org/wiki/Anoxic_event#Atmospheric_effec...