Economic Climate Risk
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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 […]
Insurance Industry Affected by Climate Change and Increasing Natural Disasters
The consequences of climate change are diverse and are affecting the insurance industry. The physical changes, in other words regional changes in weather patterns in terms of frequency and extent, are one of the consequences of great relevance to reinsurance. Extreme weather events result in high material damage to buildings and infrastructure, as well as […]
Investor-pushed Climate Resolutions Pass at Kinder Morgan
Kinder Morgan investors approved two non-binding but symbolically important resolutions related to climate change during the pipeline maker’s annual meeting. Read the entire article at AXIOS. These results are among the first of several high-profile votes expected this spring at numerous energy companies’ annual meetings. It’s also the latest in a trend of investors […]
HSBC the Latest Bank to Announce End to Fossil Fuel Investments
Global banking giant HSBC has announced it would no longer fund fossil fuel projects, including Arctic drilling, tar sands development, the construction of new coal plants, and hydroelectric projects that are not consistent with guidelines set by the World Commission on Dams. Read the entire article at Triple Pundit. “Our updated energy policy reflects […]
Professional Risk Management: the X Factor for Climate Change Mitigation
In their reports on extreme events during 2017, Munich Re and Swiss Re have estimated worldwide natural catastrophe losses at around $330 billion dollars, the second worst on record. Losses from weather-related disasters were the worst ever, as a result of the hurricanes which hit the United States and Caribbean. It was also a record […]
The Risk of Sea Level Rise is Chipping Away at Miami Home Values
Creeping flood waters driven by sea rise have yet to reach the doors of most homes in Miami-Dade, but research shows the looming threat from climate change is already affecting their value. And not in a good way. Read the entire article at The Miami Herald. New data from Harvard University and the University […]
Insuring Nature to Ensure a Resilient Future
What’s happening on a 60-kilometer stretch of coastline on Mexico’s Yucatan peninsula may change how the world values its coral reefs. Read the entire article at The Nature Conservancy. In 2005, Mexico’s Caribbean coast was struck by two hurricanes, causing USD$8 billion in damages and closing hotels and other businesses in Cancún long […]
Tech Startup Helps Businesses Mitigate Vulnerability to Increasingly Severe Weather
The climate is changing, storms are becoming more intense, and more people and property than ever are in harm’s way. Three of the costliest five hurricanes on record, Harvey, Irma, and Maria, struck U.S. shores in 2017 at a price tag of over $200 billion. Read the entire article at The Washington Post. The […]
Why Voluntary Climate Risk Exposure is Going Mainstream
What will it take for major corporations to take climate risks seriously, making sustainability reporting a routine part of financial filings? The G20’s Task Force on Climate-related Financial Disclosures (TCFD), a global push by investors and companies to include information about these exposures in mainstream reports to regulators, is helping companies make that transition on […]
