Climate Change Risk and Financial Ratings Not Connected

From Bloomberg News, this rather startling article: Rising Seas May Wipe Out These Jersey Towns, but They’re Still Rated AAA

Few parts of the U.S. are as exposed to the threats from climate change as Ocean County, New Jersey. It was here in Seaside Heights that Hurricane Sandy flooded an oceanfront amusement park, leaving an inundated roller coaster as an iconic image of rising sea levels. Scientists say more floods and stronger hurricanes are likely as the planet warms.

Yet last summer, when Ocean County wanted to sell $31 million in bonds maturing over 20 years, neither of its two rating companies, Moody’s Investors Service or S&P Global Ratings, asked any questions about the expected

On Climate Change

In anticipation of the Climate Change March planned for this coming weekend, see this article from the NYTimes: Climate Change is Now.

You can get involved politically, and you should. Participate in efforts to persuade the administration and Congress to take a different tack. Strive to elect people who take climate change seriously. But such work has a long lead time and an uncertain outcome.

In the meantime, you can do something else, as well: Look for ways to influence companies, communities, cities and states, all of which can have a big effect on the climate. In these realms, there is reason for optimism — and room to do so much more.

Trump’s Climate Adaptation Pullback Efforts Are Likely to Make Disasters Worse – updates

According to Bloomberg News, On March 28th, Trump is expected to take these actions: Trump to Toss Obama’s Orders to Prepare for Extreme Weather. New order said to reverse policies for climate adaptation; Military bases, coastal towns were protected under planning

On Tuesday, Trump is set to sign an executive order that will in part reverse two main planks of federal efforts under President Barack Obama to adapt to climate change, according to details of the order shared with Bloomberg News. The White House is expected to rescind Obama’s order to federal agencies to plan for climate change and another to have the military plan for the national security implications.

Updates: Fortunately, the federal government is not the only game in town. See this particle from the WashPost today: As Trump halts federal action on climate change, cities and states push on

Trump maintains that Obama-era regulations have unnecessarily hampered businesses and that freeing companies from such burdensome requirements will provide an economic boost.  Some mayors, governors and business leaders plan to press ahead with plans to clamp down on carbon emissions, saying it makes sense for the economy as well as the climate.

March 28: One more take on why these moves will leave communities more vulnerable to disasters.

March 31: Pushback from Michael Bloomberg. And this take from Huffington Post.

April 1: Corporate Resistance to Trump’s Climate Moves

Women More Affected by Natural Disasters

Women respond to the effects of climate change and natural disasters

Women generally suffer more than men do from the effects of climate change and natural disasters. This observation leads the SDC to develop a targeted strategy of supporting projects in which women play an important role in their own social and economic emancipation.

On the slopes of the Bolivian Altiplano, in Haiti and in rural India, women tend to bear the brunt of climate change and natural disasters. Because they attend to household duties, they depend on access to natural resources more than men do. When these resources become scarce, an entire way of life – and means of survival – collapses. Some women also lose the little financial independence they had gained.

 

Effects of Climate Change in Alaska

From Bloomberg Business Week: Alaska’s Big Problem With Warmer Winters. Juneau has no plan, little money for erosion or thawing permafrost. An excerpt:

Alaska is an extreme example of a national failure to prepare for climate change. Across the U.S., state funding for environmental projects, such as beach erosion control or upgraded sewage systems, peaked in 2007, even as capital expenditures have since risen 25 percent. States along the Atlantic and Gulf coasts have resisted adopting the latest model building codes designed to protect residents against storms and other extreme weather. And when the Federal Emergency Management Agency suggested last year that states take more responsibility preparing for natural disasters, the National Governors Association balked.

Old Disasters Can Help Us Understand Climate Change

Centuries-old natural disasters could tell us more about climate change

What could an Indonesian volcanic eruption, a 200-year-old climate disaster and a surge in the consumption of mackerel tell us about today’s era of global warming?
Quite a bit, researchers say. A group of scientists and academics with the University of Massachusetts and other institutions made that assessment while conducting research about a long-ago calamity in New England that was caused by the eruption of Mount Tambora half a world away in 1815.

A cooled climate led to deaths of livestock and changed fish patterns in New England, leaving many people dependent on the mackerel, an edible fish that was less affected than many animals. The researchers assert that bit of history gives clues about what food security could be like in the modern era of climate change.