Insurance and financial services companies are taking a big hit from the growing number of catastrophic climate events. Increasingly they are coming down on the opposite side from fossil fuel companies on the climate denial question. Who will win out? I think there’s absolutely no doubt the banks and financial services industry are far more powerful than Big Oil and Big Coal.
I’ve often pointed out that, as much as climate deniers want to skirt around the impacts of global change, insurers and financial services with real money on the table can’t afford to play games.
Wake up call for cities.
Last week, Bloomberg reported that the Trump administration has asked for $12 billion to help communities fight climate-change-related flooding — a request that might seem surprising, given Trump’s stance that climate change is a hoax and his administration’s decision to withdraw from the Paris climate agreement. Of course, we don’t know whether Trump has actually come to agree with the scientific consensus that humans have caused a drastic change in Earth’s climate.
Coastal communities from Maine to California have been put on notice from one of the top credit rating agencies: Start preparing for climate change or risk losing access to cheap credit.
In a report to its…
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