20 April 2017, Bloomberg Climate Changed, The Nightmare Scenario for Florida’s Coastal Homeowners. Demand and financing could collapse before the sea consumes a single house. On a predictably gorgeous South Florida afternoon, Coral Gables Mayor Jim Cason sat in his office overlooking the white-linen restaurants of this affluent seaside community and wondered when climate change would bring it all to an end. He figured it would involve a boat. When Cason first started worrying about sea-level rise, he asked his staff to count not just how much coastline the city had (47 miles) or value of the property along that coast ($3.5 billion). He also told them to find out how many boats dock inland from the bridges that span the city’s canals (302). What matters, he guessed, will be the first time a mast fails to clear the bottom of one of those bridges because the water level had risen too far. “These boats are going to be the canary in the mine,” said Cason, who became mayor in 2011 after retiring from the U.S. foreign service. “When the boats can’t go out, the property values go down.” Jim Cason, mayor of Coral Gables, in his office. He worries that rising insurance costs, reluctant lenders or skittish foreign buyers could hurt home prices well before sea-level rise gets worse. If property values start to fall, Cason said, banks could stop writing 30-year mortgages for coastal homes, shrinking the pool of able buyers and sending prices lower still. Those properties make up a quarter of the city’s tax base; if that revenue fell, the city would struggle to provide the services that make it such a desirable place to live, causing more sales and another drop in revenue. And all of that could happen before the rising sea consumes a single home. As President Donald Trump proposes dismantling federal programs aimed at cutting greenhouse gas emissions, officials and residents in South Florida are grappling with the risk that climate change could drag down housing markets. Relative sea levels in South Florida are roughly four inches higher now than in 1992. The National Oceanic and Atmospheric Administration predicts sea levels will rise as much as three feet in Miami by 2060. By the end of the century, according to projections by Zillow, some 934,000 existing Florida properties, worth more than $400 billion, are at risk of being submerged. Read More here
Tag Archives: Economy
19 April 2017, Climate Council Report: Pollution and Price: The Cost of Investing in Gas. Investing in more gas will lock in high electricity prices and pollution for decades to come. Our new report, ‘Pollution and Price: The cost of investing in gas,’ shows that tackling climate change and protecting Australians from worsening extreme weather requires our electricity system to produce zero emissions before 2050. Gas is not sufficiently less polluting than coal to garner any climate benefit. Furthermore, greater reliance on gas will drive higher power prices. While renewable energy can provide a secure, affordable alternative to new fossil fuels. Access Report here
7 April 2017, New York Times, Rising Waters Threaten China’s Rising Cities. GUANGZHOU, China — The rains brought torrents, pouring into basements and malls, the water swiftly rising a foot and a half. The city of Dongguan, a manufacturing center here in the world’s most dynamic industrial region, was hit especially hard by the downpour in May 2014. More than 100 factories and shops were inundated. Water climbed knee-high in 20 minutes, wiping out inventory for dozens of businesses. Next door in Guangzhou, an ancient, mammoth port city of 13 million, helicopters and a fleet of 80 boats had to be sent to rescue trapped residents. Tens of thousands lost their homes, and 53 square miles of nearby farmland were ruined. The cost of repairs topped $100 million. Chen Rongbo, who lived in the city, saw the flood coming. He tried to scramble to safety on the second floor of his house, carrying his 6-year-old granddaughter. He slipped. The flood swept both of them away. Flooding has been a plague for centuries in southern China’s Pearl River Delta. So even the rains that May, the worst in the area in years, soon drifted from the headlines. People complained and made jokes on social media about wading through streets that had become canals and riding on half-submerged buses through lakes that used to be streets. But there was no official hand-wringing about what caused the floods or how climate change might bring more extreme storms and make the problems worse. A generation ago, this was mostly farmland. Three vital rivers leading to the South China Sea, along with a spider’s web of crisscrossing tributaries, made the low-lying delta a fertile plain, famous for rice. Guangzhou, formerly Canton, had more than a million people, but by the 1980s, China set out to transform the whole region, capitalizing on its proximity to water, the energy of its people, and the money and port infrastructure of neighboring Hong Kong. Read More here
5 April 2017, ECOS, Before the storm. It’s a catastrophe in anyone’s book, not least those of insurance companies anticipating the tens of thousands of claims likely to be lodged.As the floods surged south in the days after Cyclone Debbie hit landfall near Bowen in north Queensland on March 28, a natural disaster was declared in five major centres in northern New South Wales.Citing the chairman of the Insurance Council of Australia, the Australian Financial Review said “in insurance terms, a catastrophe means a disaster that causes a significant number of claims in a region” and for Cyclone Debbie that could be claims over $1 billion. CSIRO’s Dr Chi-Hsiang Wang and colleagues have been researching the cost implications of extreme weather events but with a focus at the other end – predicting the likely cost before the storms. Counting the cost of extreme events Deloitte Access Economics last year delivered a report on building resilient infrastructure which estimated that, between 2002-03 and 2010-11, an annual average of more than $450 million was spent by Australian governments on restoring essential public infrastructure following extreme weather. If it’s business-as-usual, the report said, $17 billion is expected to be spent on direct replacement costs of essential infrastructure due to natural disasters between 2015 and 2050. These estimates don’t factor in the impacts of climate change. In the case of Cyclone Debbie, the wind intensity exceeded the limitations of the building specifications. “It’s not a surprise that we see considerable damage because the intensity is so high,” says Dr Wang. Until now, a cyclone with the force of Debbie was considered a once in a 2,000 year event by Australian design standard for wind actions (AS/NZS 1170.2:2011). That may change. “There’s a consensus among scientists, although not as strong as the consensus around rising global temperatures, that for some tropical cyclone basins around the world they are likely to see events of increased intensity,” he adds. What’s missing? Dr Wang says the current practice for wind impact assessment of physical infrastructure uses only wind intensity (in terms of wind gust) to gauge the damage potential of windstorms. “This ignores other threats brought upon by the accompanying rainfall and storm surge,” he says. Read More here