The impacts of climate change, including rising seas and extreme weather events, are quickly emerging as formidable challenges for the real estate industry and our cities.
Moody’s recently warned cities to take steps to prepare for climate change or face downgrades in their bond ratings. Last year, the International Association of Insurance Supervisors and the U.N.-backed Sustainable Insurance Forum outlineduniversal standards for how insurers should account for climate risks.
Neither of these actions should be surprising, because the consequences of climate change are only growing costlier. Natural disasters caused a record $300 billion in damage in the U.S. in 2017, most of it to real estate.
