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 | Mar 6, 2017
ConsensusDocs updates standard short contract editions
The updates address industry changes impacting insurance, legal, technology, and terminology.
Codes and Standards | Mar 3, 2017
ASCE updates standard for structures using tensile membrane
The new sstandard combines guidelines for conventional tensile membrane structures with frame-covered membrane structures.
Codes and Standards | Mar 1, 2017
EPA's 2017 Construction General Permit now in effect
The regulation governs compliance with effluent limits.
Codes and Standards | Feb 28, 2017
Concern grows for high tide flood vulnerability in Mid-Atlantic states
Washington, D.C., and Annapolis, Md., could flood every three days by 2045.
Codes and Standards | Feb 27, 2017
Green building saves operating costs and boosts asset value
A new report shows 14% cost savings and a 7% increase in value when green standards are met.
Codes and Standards | Feb 24, 2017
Scant data hampering energy, water efficiency at sports venues
New NIBS report says baseline information needs further development.
Codes and Standards | Feb 22, 2017
Plans for WELL Building Standard include linkage with other green building standards
The planned updated version will be customizable for any building type.
Codes and Standards | Feb 21, 2017
Aging building code inspectors and government belt-tightening could cause crisis
Inspectors are edging toward retirement with no understudies in place.
Codes and Standards | Feb 20, 2017
AISI publishes three new cold-formed steel framing research reports
Seismic simulation, roof trusses, steel-to-steel and sheathing-to-steel connections are examined in the reports.
Codes and Standards | Feb 17, 2017
New energy design guide for metal building systems now available
The second edition incorporates more recent IECC and ASHRAE standards.