I guess this is aimed at fellow finance peeps who might still not (want to) get it...
Painful irony w/Helene's colossal damage in Asheville: the city recently placed #3 on a list of US cities most likely to experience "climate migration". Asheville summers are cool by Southeastern standards, and annual avg precip (~36") is low for the region. www.citizen-times.com/story/news/l...
Migration due to climate change may land Asheville a lot of new residents in coming years according to a sustainable real estate expert.
"There's an entire muni bond machine, fueled by credit ratings, that is pumping away right now without looking at how the physical world will change over the next thirty years. That's bananas"...
How is it possible that 30 year credit ratings for Florida muni bonds are the same as 5 year ratings? With ferociously accelerating physical climate risks? susanpcrawford.substack.com/p/safe-as-ho...
Even though physical climate risks are accelerating, you wouldn't know it from the market for long-term municipal bonds
"Moreover, most FEMA maps donât consider pluvial flooding, or flooding from rain. Thatâs likely one reason why flood-insurance takeup away from the coasts is negligible." www.bloomberg.com/news/article...
The stormâs downpours have brought flooding far inland in the Southeast and Appalachia, where few homeowners are insured against it.
And itâs not just flood! At @cplusc.bsky.socialclimateandcommunity.org/research/sha...
How Hurricane Helene Could Have Widespread Consequences for Homeowners The storm caused $15-26bn in property damage and $5-8bn in lost economic output âWhile climate risks alone will not force residents to move, a larger increase in insurance premiums couldâ www.washingtonpost.com/climate-envi...
Although it is too early to know the full extent of Heleneâs damage, experts said the storm could have major consequences for homeowners, the private insurance industry and the federal flood insurance...
Some heavy duty supply chain risk in Helene:
I always thought the mines in Spruce Pine, NC made kitchen countertops. TIL they made the Palomar Observatory, and pretty much every modern computer chip:
The processor that makes your laptop or cell phone work was fabricated using quartz from this obscure Appalachian backwater.
Real-estate marketplace Zillow partners with First Street to inform buyers on #climateriskwww.theverge.com/2024/9/26/24...
Buyer beware.
Forthcoming study by BCG and Cambridge JBS: Investing under 2% of GDP annually in additional mitigation efforts to ensure a Paris-aligned trajectory would deliver a benefit of 11% to 13% of GDP in avoided economic impacts by 2100 "a sixfold to tenfold societal return" www.bcg.com/publications...
Leadersâ hesitation to incur the upfront costs of mitigation and adaptation has slowed the collective response to climate change. But what are the economic implications of inaction?
Cost of inaction on climate change far outweighs the cost of proactive investment, says new analysis by BCG and Cambridge Uni, apparently "issued at New York Climate Week" But no numbers on the page below... great if anyone can share the actual research!! www.cambridgenetwork.co.uk/news/why-cli...