Some 70% of cities around the world are already experiencing the effects of climate change, according to a new study by the CDP, formerly known as the Carbon Disclosure Project.
Flash floods, heat waves, rainstorms, extremely hot days, and droughts are among the top hazards.
Investors in municipal bonds are already facing climate risk. Smaller cities and counties, in particular, are already struggling to generate sufficient cash flow to deliver city services, let alone funding efforts to mitigate damage from climate change.
In addition to plans to address risks such as storms, cities will need to provide more public services, given that changing temperatures are likely to allow diseases to spread.
By Leslie P. Norton
Oct. 22, 2019 12:56 pm ET