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 24, 2019
ASHRAE design contest winners demonstrate building resilience
Model building, a city hall, could operate without utility service for two weeks.
Codes and Standards | Oct 22, 2019
Efficient material design, low-carbon concrete are critical to cutting GHG emissions in construction
Enhancing building utilization and reusing materials also aid carbon reduction.
Codes and Standards | Oct 21, 2019
Historic properties not exempt from Americans With Disabilities Act
Some exceptions do apply.
Codes and Standards | Oct 18, 2019
St. Louis could save $61 million per year in energy costs by improved building performance
GHG gases can be reduced by at least 11% with upgrades to public buildings and large private buildings.
Codes and Standards | Oct 17, 2019
Slow payments cost GCs and subs $64 billion annually
Study finds 51-day average payment turnaround.
Codes and Standards | Oct 16, 2019
Cool pavement can make people hotter
Reflective coatings channel sunlight raising temperatures where pedestrians walk.
Codes and Standards | Oct 15, 2019
Utah adopts 2018 International Energy Conservation Code
Provisions include increased building envelope performance and reduced air infiltration.
Codes and Standards | Oct 14, 2019
States continue to beef up energy efficiency codes
ACEEE 50-state scorecard finds latest IECC code gaining adherents.
Codes and Standards | Oct 9, 2019
DOE releases Better Buildings Healthcare Financing Primer
Outlines financial strategies to implement energy-efficiency projects in healthcare.
Codes and Standards | Oct 8, 2019
Zero Carbon Buildings for All aims for ambitious emission reduction targets
Organization makes commitment to net zero carbon for all buildings by 2050.