This article discusses how global warming is starting to pack an economic punch.
In California this summer, severe wildfires have intensified a political brawl over who should shoulder the liability. Utility companies, which carry most of the risk if their equipment starts a fire, charge that they could go bankrupt if the legislature doesn’t alleviate their legal liability. Insurance companies, which would have to shoulder the risk, argue that climate risk is still manageable.
And as hurricane season begins for the United States, low-lying Miami is beginning to see the value of flood-prone coastal properties grow more slowly than real estate on higher ground.