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 | Jan 3, 2020
Labor supply and capability of workers worry contractors
Three out of four firms plan to add workers in 2020.
Codes and Standards | Jan 3, 2020
Car-free streets could become common in major cities
New York and San Francisco establish thoroughfares dedicated to transit, pedestrians.
Codes and Standards | Jan 2, 2020
CRE professionals have increased interest in embodied carbon accounting, smart buildings
Survey also shows that interest in resiliency lags behind.
Codes and Standards | Jan 2, 2020
White paper focuses on Metal Composite Material labeling
Document part of effort to uphold industry standards for the product.
Codes and Standards | Dec 18, 2019
Hard Rock Hotel collapse in New Orleans puts spotlight on undocumented workers
Having helped rebuild the city after Hurricane Katrina, many under threat of deportation.
Codes and Standards | Dec 18, 2019
Maryland lawmakers take on blocked sidewalks during construction projects
Legislation clarifies developers’ responsibilities.
Codes and Standards | Dec 18, 2019
New York City passes legislation to prevent bird strikes on buildings
Requires bird-safe materials on first 75 feet of a structure.
Codes and Standards | Dec 16, 2019
New Buildings Institute seeks entries for Zero Buildings Database
Listing illustrates feasibility of ultra low-energy buildings.
Codes and Standards | Dec 13, 2019
USGBC launches new tool to prioritize sustainability strategies
Highlights building design features that can lead to better performance.
Codes and Standards | Dec 12, 2019
Coalition calls for consistent building data disclosure regulations in Canada
Major real estate firms are driving the effort.
