Climate Week NYC 2021 Round-up
A recap of articles, reports, and events of the past week.
Climate Week NYC recently concluded and provided “a global opportunity to come together to accelerate climate action.” The week offers a number of interesting events, report releases, and articles centered around the topic.
Today we’re focusing on some public finance related events during Climate Week, the UN, and how are things a month after Hurricane Ida made landfall.
A Few Climate Week Events of Note
2021 ESG Issuer Engagement Report Breckinridge
Climate Change and The UN Meetings
What’s Going on a Month After Ida Made Landfall?
CHART OF THE WEEK
Hurricane Ida caused preventable deaths in flooded illegal basement apartments in New York City. The Regional Plan Association (RPA) recently completed a vulnerability analysis of the city’s housing stock to flooding, with a focus on small residential buildings.
Findings of the Study:
There are approximately 180,000 small residential buildings that remain vulnerable to future high-intensity rainfall flooding (about 25% of all residential buildings in the city).
There are about 295,000 homes in these small residential buildings vulnerable to future flooding that tend to be widely dispersed throughout the city.
Why this Matters:
No one knows the actual number of basement spaces that have been converted to unlicensed apartments.
The spread of vulnerable buildings throughout the city makes relocation strategies, or “managed retreat,” a challenging option.
More resources are needed to determine the magnitude of risk to the city’s housing stock .
The Issue: Financial markets are a significant way to drive public and private action on climate resilience.
Even though climate challenges are mounting across the built environment and the level of needed investment is massive, a lack of coordinated action is perhaps the biggest barrier to drive more resilient infrastructure improvements nationally.
The Issue: There is an “anti-infrastructure bias” built into the budgeting process; the paper proposes a generic framework to identify what are the necessary and sufficient factors to economically favor climate-change resilient infrastructure in private investment decisions.
Only with recognition of the co-benefits that carbon pricing and emissions trading schemes make possible will cities overcome their myopic focus on minimizing the short-term cost (and maximizing the short-term ROI) on their infrastructure investments.
Any opinions expressed herein are those of the author and the author alone.