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With numerous stakeholders in housing finance, climate change will send significant stress down a long financial line, according to a Mortgage Bankers Association report. The report said it could increase mortgage default, increase the volatility of house prices and produce significant climate migration.
Information from sources suggests that some primary insurance carriers are likely to recover significant amounts from their reinsurance arrangements after hurricane Ida, while a number of insurers are likely to exhaust their reinsurance towers completely, and some catastrophe bonds remain exposed.
A controversial $85 million luxury resort proposed for Victoria’s south-west coast has been knocked back by the state government following a long campaign of opposition.
TRENTON – The state’s top environmental official says one of the striking things after the damage caused by former Hurricane Ida was the immediate interest in Blue Acres buyouts of often-flooded properties.
UN Climate Change News, 22 September 2021 – Technology development and transfer is essential for governments to reduce their greenhouse gas emissions and adapt to the inevitable impacts of climate change in accordance with the Paris Agreement.
Federal money may be available to expand popular Blue Acres program, state says
Doomsday, we’re told, will go something like this: A 20-foot storm surge propelled by 150 mph winds from a cyclonic beast spawned in the balmy Gulf of Mexico is on a collision course with the Houston Ship Channel.
Senate President Pro Tem Toni Atkins has authored a number of coastal protection bills.
The goo that grows in soaked buildings can cause infections and allergies—an issue that’s understudied even as climate change leads to more frequent deluges.
Wherever you live, climate change will transform your life over the next several decades. It will get hotter, drier, and homes near the coasts face flooding risk due to rising sea levels. If you aren’t ready to stay in your coastal home despite the risks, it’s time to consider moving to higher ground in your region — and to learn about the factors that should influence your choice of locations.
Most attention has been on overland flooding, but water coming up through the earth could prove a bigger threat.
Waves of disaster have earned Louisiana a reputation as the place to watch for how climate change will impact coastal areas. Hurricane Ida was merely a punctuation mark in a series of devastating tropical cyclones, tragic inland floods, epic oil spills and deadly epidemics.
Research from Ceres, the non-profit focused on sustainability challenges such as global climate change and water scarcity and their implications, has found that major US banks have more than $250 billion of exposure to physical climate risks annually sitting in their loan portfolios.
It’s not unusual to have two or three tropical systems brewing in the Atlantic Ocean in mid-September. But it is noteworthy that we’re ready to hit the “O” storm — Odette — and may soon see “P” for Peter.
On the first flight my wife and I took after Hurricane Katrina, a fellow passenger, gathering that we were from New Orleans, interrupted to warn us that this was the last time the rest of the country would bail us out.
Louis Michot on the mutual aid efforts after Hurricane Ida, his plans to distribute solar power, and why some people would rather die than move away
GRAND ISLE, Louisiana — Jules Melancon steps over roofing shingles littering his yard, around a downed tree and ducks beneath a twisted aluminum beam of the shed in his backyard. “I was lucky, I tell you," the third-generation oyster farmer says. "My house came through OK."
While concerns over sea-level rise have typically focused on the ocean washing over previously dry land, higher seas also raise the coastal groundwater table — and that could expose far more Californians and their property to climate-change effects than overland flooding.
Climate change is posing a bigger risk to bank balance sheets than the subprime mortgage crisis that contributed to the Great Recession, according to the co-author of a new study on the vulnerability of commercial loans.
Blue bonds are debt instruments in which the proceeds are used to fund projects that benefit ocean health. They act by de-risking ocean projects and bringing new investors to the table.
Whether it's fires or floods or hurricanes or rising sea levels, climate change is poised to wreak havoc on property and insurance markets throughout the nation.
When an apartment building collapsed just 25 minutes from his home, Ivory Artis was grappling with the potential loss of his own apartment in Miami.
If anyone should be attuned to the real-world impacts of global warming, it’s the policy makers and business heads that have to deal with the fallout. But even the most well-intentioned can fail to grasp just how bad things could get if climate goals aren’t met.
Ballooning reinsurance costs, “loss creep” from 2017-18 hurricanes, coastal flooding and excessive litigation costs are among converging “perfect storm” factors that are hiking Florida property insurance renewal rates by 30% to 40%.
Hurricane Ida is expected to become one of the costliest tropical storm impacts ever to affect the mainland United States, according to insurance and reinsurance broker Aon.