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 | Oct 7, 2020
More energy efficiency programs are encouraging zero-energy projects
At least 20 programs for new construction, major renovations emerge.
Codes and Standards | Oct 6, 2020
LEED, GBCI rating systems spur resilience-enhancing strategies
Expanded programs, resources address impact of climate change.
Codes and Standards | Oct 6, 2020
International Code Council to hold inaugural online education event
Week-long ICC Learn Live will include panel conversations, keynotes, and breakout sessions around key topics in building safety.
Codes and Standards | Oct 5, 2020
Guides addressing fenestration anchorage updated
First update to decade-old technical documents released.
Codes and Standards | Oct 1, 2020
Deadline extension for LEED 2009 project certifications
Delivery timeline delays due to COVID-19 pandemic prompt action.
Codes and Standards | Sep 29, 2020
New drinking water standard criteria further restricts lead leaching in plumbing products
Tightened standard applies to endpoint devices that dispense drinking water, and other plumbing components
Codes and Standards | Sep 29, 2020
Groups sue CDC over eviction moratorium
Natl. Apartment Assn. and New Civil Liberties Alliance want hearing by October.
Codes and Standards | Sep 24, 2020
Benefits of building enclosure commissioning include reduced costs
Savings achieved in less rework and fewer and shorter punch lists.
Codes and Standards | Sep 23, 2020
Intl. Code Council aims to stay ahead of new tech, efficiency trends, and resiliency
Passive survivability, social resiliency, and community health among the goals.
Codes and Standards | Sep 22, 2020
Air cleaners, chemical and UV treatments among tools to safeguard indoor air amid pandemic
Strategies augment social distancing, increased air flow to combat COVID-19 spread.
