Banks See Major Climate Risk: “The New Abnormal is Already Here”

Climate change has begun to affect the real estate market, according to a paper by Asaf Bernstein, an economist at the University of Colorado in Boulder, and two co-authors. His research shows that properties likely to be under water if seas rise one foot now sell for 15 percent less than comparable properties with no flood threat.

Climate Denial Crock of the Week

imeldafloodNew York Times:

WASHINGTON — Home values could fall significantly.

Banks could stop lending to flood-prone communities.

Towns could lose the tax money they need to build sea walls and other protections.

These are a few of the warnings published on Thursday by the Federal Reserve Bank of San Francisco regarding the financial risks of climate change. The collection of 18 papers by outside experts amounts to one of the most specific and dire accountings of the dangers posed to businesses and communities in the United States — a threat so significant that the nation’s central bank seems increasingly compelled to address it.

The Federal Reserve has been slow to talk about climate risks compared with central banks in other countries. That could be partly because the topic is more politically polarized in the United States than many other places, so talking about it exposes the Fed — which is…

View original post 580 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.