Moody’s Investors Service Inc. recently warned coastal communities that it might lower their credit ratings if they don’t address the risks stemming from climate change.
The credit rating agency giant says that coastal locations are at risk from surging seas and intense storms. Therefore, they are at greater risk of defaulting on bonds.
Moody’s will ask questions about what cities are doing to mitigate risk exposure, an executive from the agency told Bloomberg. Moody’s assesses several factors related to climate change such as economic activity that comes from coastal areas, hurricane and extreme-weather damage as a share of the economy, and the share of homes in a flood plain.
The company has been pressured by investors to be more forthcoming about how it factors climate change into how it determines ratings. In theBloomberg report, the Moody’s executive said he couldn’t recall any examples to date of the company downgrading a city or state because it failed to address climate risk. But, that could change in the future.
Related Stories
Codes and Standards | Jul 17, 2018
In many markets, green features are more of a requirement for apartment renters
Renters in many U.S. cities have come to expect green features in apartments that they rent, with an eye toward energy efficiency and healthy indoor air.
Codes and Standards | Jul 16, 2018
Length of North American construction disputes continues to increase
They already far exceed global average.
Codes and Standards | Jul 12, 2018
Developer says net zero Salt Lake City apartment high-rise built at standard cost
Off-site solar, and mechanical/electrical system savings aid the achievement.
Codes and Standards | Jul 11, 2018
D.C. local worker requirement not being met
Government doing little to verify self-reported project data.
Codes and Standards | Jul 10, 2018
Carbon emissions in cement production threaten GHG reduction goals
Cement is essential to many infrastructure projects that address climate change.
Codes and Standards | Jul 10, 2018
DOE’s Better Buildings Summit to be held in Cleveland, August 21-23
Agenda includes technical training and networking opportunities.
Codes and Standards | Jul 6, 2018
Houston’s lessons learned from Harvey include lack of awareness by residents of flood danger
Inconsistent regulatory environment also cited.
Codes and Standards | Jul 6, 2018
Delos and HDR will co-develop wellness design tools and collaborate on research
WELL Building Standard pioneer teams with architects to advance wellness innovations in the built environment.
Codes and Standards | Jul 5, 2018
BREEAM New Construction standard launched in U.S.
Follows successful launch of BREEAM In-Use standard.
Codes and Standards | Jun 29, 2018
Nearly half of nonresidential construction projects now delivered by design-build
‘Alternative’ method now mainstream for nonresidential, highway/street, and water/wastewater construction projects.