A shift is underway on Wall Street—investors are acknowledging the risks of climate change. A recent credit-ratings report on the bridge system connecting Miami to Key Biscayne provides a stark example of the new way of thinking.
"Each year, the Fitch credit-ratings firm issues a report on debt backed by tolls collected on Miami’s Rickenbacker Causeway, the bridge system connecting downtown to the shores of Key Biscayne," reports Douglas Hanks.
"On Thursday, Fitch debuted a new cash-flow concern for the Rickenbacker. 'Given its location,' Fitch analysts wrote, 'the causeway is exposed to extreme weather events in relation to rising sea levels and vulnerable to traffic and revenue disruptions.'"
The commentary on the risk of sea-level facing the bridge was triggered by a new scoring system implemented by Fitch in May, which includes a estimates on environmental risks, explains Hanks. Miami-Dade County seems sensitive to the idea that climate change poses risks to its borrowing and binding capacities. The county, "began including disclosures about climate change risks in the regulatory documents it must file for investors in county bonds," reports Hanks.
The state is planning to spend $2.5 million next year on a two-year analysis of the future of the bridges on the Rickenbacker.
Florida Real Estate Market Sounds Climate Alarms
New research suggests that real estate values were declining before prices started falling, but a climate-driven housing crisis could already be here in coastal Florida.
Miami Has the Most to Lose From Climate Change, Study Says
A new report by Resources for the Future, a nonpartisan economic think tank, claims that Miami is the most vulnerable coastal city in the world.
Sea-Level Rise Report: Bad News for South Florida
A climate change conference in Southeast Florida this week delivers bad news for communities on the coast in South Florida and in the Florida Keys. Some of those communities won't be saved as the receipts for climate change come in.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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