News

Across the U.S., states are bracing for more climate-related disasters

An article in the Los Angeles Times today reported on the massive investments in climate change resilience that state lawmakers across the country are pursuing to mitigate the effects of natural disasters exacerbated by climate change, including wildfires, flooding, hurricanes, and droughts. 

The article highlights one of California's proposed climate bonds, which would borrow $4 billion to invest in resilience projects, including preventing wildfires and droughts, securing drinking water supplies and protecting coastlines. Some of these projects would begin almost immediately.

"Under the status quo, California is projected to face financial liabilities of $100 billion annually by 2050 because of climate change," said Ben Allen, the state senator sponsoring the climate bond. 

The article also highlights proposed legislation in other states, including states whose leaders don't publicly acknowledge climate change, such as Texas and South Carolina. 

Another factor influencing state decisions is that credit rating agencies, including Moody's and BlackRock, have begun considering the effects of climate change, and could downgrade the credit ratings of governments that do not adequately prepare. 

Read the full article here