A report commissioned by federal regulators overseeing the nation’s commodities markets has concluded that climate change threatens U.S. financial markets, as the costs of wildfires, storms, droughts and floods spread through insurance and mortgage markets, pension funds and other financial institutions. Riskthinking helps decision-makers better understand the climate-related financial risks they face and respond accordingly.
Firefighters battled nearly two dozen wildfires in California yesterday after a week of raging blazes blackened more than 1 million acres across the state. The rapidly spreading fire, which has killed five people, destroyed more than 1,000 structures and forced thousands to flee, is the result of hotter temperatures, less dependable precipitation and snowpack that melts sooner leading to drier soil and parched vegetation, shows how climate change is affecting the nation’s most populous state.
Flood water has damaged an estimated 1,230 buildings in Fort McMurray, Alberta, including more than 1,000 homes and businesses in the city’s lower core fronting onto the Clearwater River, and 49 structures in the Taiga Nova industrial park bordering the Athabasca River.