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1 week ago | 
susanpcrawford.substack.com | Susan Crawford
The buildup of risk being caused by our nationwide reluctance to deal with the consequences of climate change is becoming more obvious. The bill will likely end up being paid by ordinary Americans, and particularly people who live in cities. It turns out that 2015 was an important year for the intersection of climate change and finance.
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2 weeks ago | 
revkin.substack.com | Samantha Montano |Susan Crawford
The post and discussion of disaster justice with “disasterologist” below originally ran in November 2024. But it must be revisited now that Team Trump has cut the Federal Emergency Management Agency’s Building Resilient Infrastructure and Communities progam, or BRIC - the biggest source of federal support for cutting vulnerability to disaster-generating hazards where the need is greatest. The program was created in the first Trump term and greatly expanded by President Biden.
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2 weeks ago | 
susanpcrawford.substack.com | Susan Crawford
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2 weeks ago | 
susanpcrawford.substack.com | Susan Crawford
Cities in America face a high-heeled climb: How do you pay for climate adaptation efforts—updating stormwater infrastructure, retrofitting existing buildings to meet modern building codes, moving homes out of harm's way—in the absence of federal assistance or local political support? The picture grew gloomier this week with news that one of the few federal programs supporting pre-disaster work will be shuttered.
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3 weeks ago | 
susanpcrawford.substack.com | Susan Crawford
Last month, Treasury Secretary Scott Bessent said that his father was a real estate developer and a "boom-bust kind of guy." He told Chamath Palihapitiya and David Friedberg of the popular "All-In Podcast" that was where his "passion for risk management came from." Sec. Scott Bessent speaks with podcast hosts David Friedberg and Chamath PalipapitiyaWhen it comes to physical climate risks, Secy. Bessent's recent personal real estate moves are prudent.
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4 weeks ago | 
susanpcrawford.substack.com | Susan Crawford
As elements of our financial system reprice to take into account the realities of rapidly accelerating climate change, business-minded people who might have been confident that the whole thing was a hoax are starting to change their minds. No amount of hectoring could convince them, but the reality that their home insurance premiums are suddenly climbing slowly changes their view.
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1 month ago | 
susanpcrawford.substack.com | Susan Crawford
Visiting remnants of icebergs in Greenland, July 19, 2024The news from Greenland is extraordinary right now. It's always extraordinary these days. I’m not talking about Mr. Trump’s annexation plans. I’m talking about the climate. The Arctic has entered a "new regime" of heightened extremes that will never be stable again. One day last week, nighttime temperatures in Greenland were 36 degrees F above normal. It was 52 degrees F that night, which is warmer than it usually is in July.
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1 month ago | 
susanpcrawford.substack.com | Susan Crawford
"If the physical effects of climate change are dramatically accelerating," someone asked me this week, "why aren't the capital markets reflecting this? Shouldn't we be seeing movement to make money off this phenomenon?" Good question. Some signs are visible: Insurance markets are steadily repricing to reflect physical climate risk (WSJ: L.A. Has Big Plans to Rebuild After the Fires.
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1 month ago | 
contrarian.substack.com | Susan Crawford
Ben Wikler was elected chair of the Democratic Party of Wisconsin in June of 2019. Since then, he has led the party through a string of historic victories, including Wisconsin’s defeat of Trump in 2020, Governor Evers’ reelection in 2022, and two landmark state Supreme Court wins that delivered a progressive majority to the Court…
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1 month ago | 
susanpcrawford.substack.com | Susan Crawford
Large U.S. financial institutions know that—whatever the politics of the moment—the accelerating effects of climate change will have significant economic consequences. They are managing this risk by avoiding it. A dozen or so years from now, large banks won't have branches in risky areas and will stop writing loans there.
