February 24, 2016
As we entered 2016, Risky Business Project’s reports continued to inform the debate around climate risks and opportunities.
A piece in the industry journal, Risk and Insurance, discussed how early movers in the insurance industry are increasing their understanding of climate risk in their models. Numbers from the first Risky Business report were used to demonstrate the scale of these risks, stating, “In 2050, ‘between $66 billion and $106 billion worth of existing coastal property will likely be below sea level nationwide, with $238 billion to $507 billion worth of property below sea level by 2100.’” The Miami Herald, the Sacramento Bee, the Charlotte Observer, and the Bradenton Herald also covered climate risk to coastal property from our first report, citing, “in Florida alone, up to $69 billion in property is expected to be at risk by 2030. That amount climbs to $346 billion by the end of the century.”
Data from the Risky Business report released last year, Heat And High Water: Climate Risk in the Southeastern U.S. and Texas, received mention in the Dallas Morning News in a piece discussing the spread of infectious diseases in Texas, and the possible link with rising temperatures in the state. This piece was featured on the Emergency Management and Texas News sites. Our Southeastern U.S. and Texas report also received coverage in the Courier-Journal for its data on the impact to Kentucky’s energy demand and agricultural sector, and on overall economic impacts to Kentucky’s economy.
At the Ceres Investor Summit this January in New York, the California report, From Boom to Bust? Climate Risk in the Golden State, was named one of the “Top 10 Smartest Reports on the Intersection of Climate Change and Finance” in the 5th volume of the Smartermoney Review.
In a call for the financial services sector to give due diligence to environmental, social, and governance (ESG) factors when managing risks, GreenBiz lists the Risky Business Project as one group quantifying the business risks of climate change. The article further discusses how improved ESG leads to better return on investments, and to more robust data and reliability.