Time to start thinking where Europe needs to take action on financial resilience. Bloomberg recently outlined that coastal communities from Maine to California have been put on notice from one of the top credit rating agencies: Start preparing for climate change or risk losing access to cheap credit: https://www.bloomberg.com/news/articles/2017-11-29/moody-s-warns-cities-to-address-climate-risks-or-face-downgrades
"If I was a city official, I’d be asking a whole lot of questions about what vulnerabilities their community has ..//.. because at some point, your creditors certainly will," Rob Moore, a senior policy analyst at the Natural Resources Defense Council told Bloomberg in the article on Moody's rating threat.
Swiss Re focuses strongly on the budget protection of cities, regions and countries facing climate change impacts. Planning ahead helps to save lives, reduce impact on infrastructure and speed up recovery. It also reduces the burden on tax payers to foot the bill. The signal from the rating agencies is loud and clear. We hope cities will start to pay more attention to the fiscal side of their resilience planning. Because that's what's going to help them get back up on their feet in a reasonable time frame after a disaster.
Category: Climate/natural disasters: Climate change, Disaster risk, Floods/storms, Resilience