Climate Risk Management
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Spending $Billions Now Will Save $Trillions Later
Is your city prepared for climate change? The latest National Climate Assessment paints a grim future if U.S. cities and states don’t take serious action to reduce greenhouse gas emissions. For example, the report notes that coastal zone counties account for nearly half of the nation’s population and economic activity, and that cumulative damage to […]
Up to 30% of Manageable Assets Globally at Risk to Climate Change
Climate change could soon be “the defining issue for financial stability” according to Mark Carney, governor of the Bank of England and former head of the Financial Stability Board, the international body established to make recommendations to prevent financial collapse. To take that out of econo-speak: Failure to fully comprehend climate risks — droughts, floods, […]
Humans are Reversing the Climate Clock – by 50 Million Years
Our future on Earth may also be our past. In a study published on Dec. 10, 2018 in the Proceedings of the National Academy of Sciences, researchers show that humans are reversing a long-term cooling trend tracing back at least 50 million years. And it’s taken just two centuries. Read the entire article at […]
Insurer Liquidated by CA Wildfires – Unable to Pay Claims
California’s Camp Fire didn’t just kill dozens of people and destroy thousands of homes. It also left an insurance company in financial ruins, unable to pay millions of dollars to policyholders. A state judge ruled that Merced Property & Casualty Co. can’t meet its obligations after last month’s Camp Fire, the deadliest and most destructive wildfire in California history. […]
US Military is Proving No Need for Coal Grid Security
Over the last two years, President Donald Trump has made every effort to rescue America’s ailing coal industry, opening public lands to mining, weakening limits on pollution and potentially eliminating protections for miners. It hasn’t worked. Utilities continue to shutter coal-fired power plants, and mining firms continue to shed workers. Read the entire article […]
Cities Seek Technology to Adapt for Climate Change Risks and Challenges
As 1.4 million people move to cities each week, local abilities to keep residents safe can become strained, increasing the risk of disasters, warned the United Nations secretary-general. “The answer is to build resilience to storms, floods, earthquakes, fires, pandemics and economic crises,” said Antonio Guterres in a message for World Cities Day. Read the […]
Climate change will get worse. These professional investors are betting on it.
A top investment strategist for JPMorgan Asset Management sent a note to clients earlier this year with a dire forecast. Despite global efforts to stop climate change, sea levels are likely to rise dramatically, threatening the 40 percent of Americans who live along the coast. There will be investment opportunities in sea walls. Read […]
Storm-proof Affordable Housing for Florida Keys Workers
After the destruction of Hurricane Irma, the Florida Keys Community Land Trust started building affordable cottages that can withstand the next storm. Like other tourist destinations, the Keys — a string of islands off the southern tip of Florida — require workers to staff their restaurants, hotels, and glass-bottom boats. Read the entire article at CityLab. […]
Credit Downgrades Imminent for Cities Unprepared for Climate Impacts
Many U.S. coastal communities, unprepared for flooding and other effects of global warming-driven sea level rise, are heading toward an imminent downgrade of their credit unless they act quickly, a new report says. Read the entire article at Climate Liability News. The report warns that federal subsidies for rebuilding flooded properties, coupled with the […]
Taxpayers in the Hamptons Among the Most Exposed to Rising Seas
Almost no city stands to lose as much money from climate change as Southampton, New York. The affluent Long Island suburb – where the median price of a home for sale is almost $2 million – has the second highest level of its property-tax revenue at risk among municipalities with a high likelihood of chronic flooding […]
