🚨NEW: As Hurricane Helene bears down on Florida, Singapore's sovereign wealth fund has warned climate impacts could cause well over half a trillion dollars in damage to real estate by 2050.
The global property market faces in excess of half a trillion dollars in damage from climate impacts, Singapore's sovereign wealth fund has warned.
Florida and Cape Cod are finished long term. Start protecting what might survive.
Man, that’s less than half a years deficit spending.
Sadly for the people who live there, Helene is aimed at poor people.
hahaha, that figure is massively out. It will be MUCH more than that. Much more.
Seems way too optimistic, at almost denial levels.
I recall in the late 1990s when I worked in the City of London that SwissRe indicated that reinsurance against climate related damage claims would beyond the insurance sector capacity by 2050.
And in Germany we are supposed to secure our pensions through stocks and securities. Poverty in old age is certain. 😅
I felt obliged to end with "In May, Florida governor Ron DeSantis signed a bill that would remove most references to climate change from state law."
Lowball estimate. Like really low estimate over 25 years
Half a trillion dollars by 2050 seems quite low. Total global real estate assets are between $300-$400 trillion. At least 1% (but likely a lot more) will be destroyed within this decade. That’s $3 trillion destroyed by 2029 rather than $0.5 trillion by 2050.
