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Credit Rating Firm Warns New Orleans, Coastal Cities to Prepare for Climate Change

           

An aerial view of the Industrial Canal after its levee failed during Hurricane Katrina. (NOLA.com | The Times-Picayune file photo)

nola.com - by Tristan Baurick - December 11, 2017

One of the country's largest credit rating agencies has put New Orleans and other coastal cities on notice: prepare for the effects of climate change or risk a hit on your credit score.

In a new report, Moody's Investors Service warned that it will evaluate efforts to adapt to sea level rise, flooding, severe storms and other impacts from rising global temperatures when setting its ratings for loans and bonds. The report mentions New Orleans and Louisiana several times as high risk areas.

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Congressional Auditor Urges Action to Address Climate Change

           

Members of the Wyoming Hot Shots firefighting crew battling the Lizard Fire near Willcox, Ariz., in June. Credit Kyle Miller/Wyoming Hot Shots, via Associated Press

CLICK HERE - U.S. GAO - CLIMATE CHANGE: Information on Potential Economic Effects Could Help Guide Federal Efforts to Reduce Fiscal Exposure

nytimes.com - by Lisa Friedman - October 23, 2017

WASHINGTON — Fires, floods and hurricanes are already costing the federal government tens of billions of dollars a year and climate change will drive those costs ever higher in coming years, a new federal study warns.

The report by the Government Accountability Office, Congress’s auditing arm, urges the Trump administration to take climate change risks seriously and begin formulating a response.

The study, scheduled to be released Tuesday, says that different sectors of the economy and different parts of the country will be harmed in ways that are difficult to predict.

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Federal Harvey Relief Funds Might Take Years, Officials Tell Legislators

           

Flood damaged debris piled outside of homes in Port Arthur Texas. The city saw 47 inches of rain during the storm. - Michael Stravato for The Texas Tribune

texastribune.org - by Brandon Formby - October 2, 2017

 . . . state lawmakers were told that Housing and Urban Development disaster relief funds, which includes money for extensive home repairs or rebuilds, could take seven to 32 months to work their way through bureaucratic processes and several layers of government agencies . . . Congress approved $7.4 billion in HUD disaster relief funds last month. But that may have to be shared with Florida and Puerto Rico, which have each been hit by hurricanes in the weeks after Harvey battered Texas, unless legislators approve another aid package . . .

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Why are Californian Solar Firms Paying to Give Away Power?

           

Getty Images

bbc.com - June 29, 2017

California companies are generating so much solar power that firms in other states are getting paid to take it.

The state has been forced into the arrangement to "avoid overloading its own power lines", according to the Los Angeles Times.

The situation doesn't necessarily mean we are "throwing money away", says economist Severin Borenstein, a professor at UC Berkeley's Haas School of Business.

"But it probably is an indication that there are some serious problems in the way we're running the grid and the way we're making investment decisions."

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'Spectacular' Drop in Renewable Energy Costs Leads to Record Global Boost

Falling solar and wind prices have led to new power deals across the world despite investment in renewables falling

           

Solar panels on sale at the Naran Tuul market in Ulaanbaatar, Mongolia. Photograph: Seong Joon Cho/Getty Images

CLICK HERE - Global Status Report - REN21 - Renewable Energy Policy Network for the 21st Century

theguardian.com - by Damian Carrington - June 6, 2017

Renewable energy capacity around the world was boosted by a record amount in 2016 and delivered at a markedly lower cost, according to new global data – although the total financial investment in renewables actually fell.

The greater “bang-for-buck” resulted from plummeting prices for solar and wind power and led to new power deals in countries including Denmark, Egypt, India, Mexico and the United Arab Emirates all being priced well below fossil fuel or nuclear options . . .

 . . . The new renewable energy capacity installed worldwide in 2016 was 161GW, a 10% rise on 2015 and a new record, according to REN21, a network of public and private sector groups covering 155 nations and 96% of the world’s population.

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Are Solar and Wind Really Killing Coal, Nuclear and Grid Reliability?

           

Lessons from the Lone Star State: A surge in wind power on the Texas grid didn’t cause reliability problems (and brought down electricity prices) because regulators improved the efficiency of wholesale electricity markets. Sarah Fields Photography/Shutterstock.com

theconversation.com - by Joshua D. Rhodes, Michael E. Webber, Thomas Deetjen and Todd Davidson - May 11, 2017

U.S. Secretary of Energy Rick Perry in April requested a study to assess the effect of renewable energy policies on nuclear and coal-fired power plants.

Some energy analysts responded with confusion, as the subject has been extensively studied by grid operators and the Department of Energy’s own national labs. Others were more critical, saying the intent of the review is to favor the use of nuclear and coal over renewable sources.

So, are wind and solar killing coal and nuclear? Yes, but not by themselves and not for the reasons most people think. Are wind and solar killing grid reliability? No, not where the grid’s technology and regulations have been modernized. In those places, overall grid operation has improved, not worsened.

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2016: A Historic Year for Billion-Dollar Weather and Climate Disasters in U.S.

           

CLICK HERE - NCDC - NOAA - Billion-Dollar Weather and Climate Disasters: Overview

climate.gov - by Adam B. Smith - January 9, 2017

NOAA’s National Centers for Environmental Information (NCEI) tracks U.S. weather and climate events that have great economic and societal impacts (www.ncdc.noaa.gov/billions). Since 1980, the U.S. has sustained 203 weather and climate disasters where the overall damage costs reached or exceeded $1 billion (including adjustments based on the Consumer Price Index, as of January 2017). The cumulative costs for these 203 events exceed $1.1 trillion.

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US May Be Severely Underestimating Zika's Potential Impact; Costs Could Be in the Billions

Deadly carriers of disease: Aedes aegypti mosquitoes.  Paulo Whitaker | Reuters

Gulf Coast region is vulnerable to Zika attacks

Congress may not appreciate full extent of potential damage

Conservative calculations suggest full impact could exceed $2 billion

CLICK HERE - PLOS - The potential economic burden of Zika in the continental United States

cnbc.com - by Robert Ferris - May 11, 2017

The Zika virus stands to cost the United States billions of dollars, even if few people are infected.

Researchers from several American institutions have calculated that the "virus from Hell" could result in total costs ranging from $183 million to over $1.2 billion, depending on infection rates in several at-risk states in the South.

The researchers warn that infection rates could engender costs that exceed the amounts of money the U.S. government may give for prevention and treatment, if the recent debates over funding are any indication.

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A Socio-economic Impact Assessment of the Zika Virus in Latin America and the Caribbean: With a Focus on Brazil, Colombia and Suriname

undp.org - April 3, 2017

In early 2016, Zika was declared a Public Health Emergency of International Concern due to its association with a surge of birth defects. Zika has since spread throughout Latin America and the Caribbean, with local transmission also reported in parts of the USA, Asia and Africa. The nature of the neurological complications Zika can cause in humans, and the emergence of a condition in infants known as ‘congenital Zika syndrome’, have posed and continue to pose a significant challenge to health specialists, international organizations and governments alike.

The United Nations Development Programme (UNDP), in partnership with the International Federation of the Red Cross and Red Crescent Societies (IFRC), produced this assessment of the socio-economic impacts of Zika on countries, families and communities, and to examine institutional responses.

CLICK HERE - READ COMPLETE ARTICLE AND ACCESS THE REPORT

 

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Zika Could End Up Costing Latin America and the Caribbean Up To $18 Billion, UN Reports Finds

                           

CLICK HERE - REPORT - A Socio-economic Impact Assessment of the Zika Virus in Latin America and the Caribbean: with a focus on Brazil, Colombia and Suriname

un.org

6 April 2017 – In addition to the impact on public health, the tangible impact of the Zika outbreak, such as on gross domestic product (GDP), could cost the Latin American and the Caribbean region as much as $18 billion between 2015 and 2017, a new United Nations report has revealed.

The report Socio-economic impact assessment of Zika virus in Latin America and the Caribbean, prepared by the UN Development Programme (UNDP) in partnership with the International Federation of Red Cross and Red Crescent Societies (IFRC), has a particular focus on Brazil, Colombia and Suriname – countries that first reported the outbreak in October-November 2015.

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