When Government Isn’t Listening

From the HomeSecurityNewswire: Coastal Peril. Sea level rise and coastal development: Science speaks directly to business.

If you are an investor or a developer with an interest in coastal properties, you are being bombarded with evidence of climate change in the form of sea level rise and its consequences. In the academic community, many interested in the business of coastal development have begun to take into account information from climate scientists and have expressed frustration that government regulators are not doing so.

Is Structural Mitigation the Answer for Protecting Boston Harbor?

The Diva was watching Nightly Business News on May 30th and was especially interested in a feature they did about potential flooding in Boston harbor and its effects on current and planned real estate development in that area. [Personal note: the Diva is from the Boston area and her dad owned a store in the harbor area.]

I was told by a Boston-based friend that recently there has been extensive news coverage regarding a proposed flood barrier costing over $12 billion dollars, which will not be fully completed until 2050. That is a long time to wait, and one can only wonder if a barrier will in fact solve the Boston Harbor inundation problem due to sea level rise.

I was told that Boston’s 2015 Natural Hazard Mitigation Plan did not include the proposed flood barrier,  but preferred natural shoreline solutions which are much less expensive to implement on a quicker timeline.

For those interested in the Boston mitigation situation, which is probably a bellweather for other major eastern coastal cities, here are several news articles:

https://www.usnews.com/news/best-states/massachusetts/articles/2018-05-30/report-harbor-barrier-could-take-30-years-and-12b-to-build

 http://www.wbur.org/news/2018/05/30/boston-harbor-barrier-flooding-umass-study
 
https://www.statesman.com/news/report-boston-harbor-barrier-could-take-years-cost-12b/BSJIcj5ZkKy8Gdue3b6jYM/
 
www.msn.com/en-us/news/us/the-next-big-dig-umass-study-warns-boston-harbor-barrier-not-worth-cost-or-effort/ar-AAy0JNR
 
http://www.bostonherald.com/opinion/editorials/2018/05/editorial_costly_plans_wrong_way_to_solve_coastal_flooding
 
http://www.foxnews.com/us/2018/05/30/report-boston-harbor-barrier-could-take-30-years-cost-12b.html
 
http://www.newburyportnews.com/news/regional_news/report-boston-harbor-barrier-doesn-t-make-sense-to-prevent/article_20597391-5745-5a16-a5cc-875529c7f146.html
 
 

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