An interesting article from Bloomberg about the reality in the finance sector regarding their perception of risk from sea level rise. We hear lots about the insurance and bond underwriting sectors taking these risks seriously. We hear people say that the financial sector will begin to withdraw from risky coastal regions.
From the article: " When asked by Bloomberg, none of the big three bond raters could cite an example of climate risk affecting the rating of a city’s bonds."
And the sea level rise risk on the Jersey Shore, recently decimated by "superstorm" Sandy? - "'It didn’t come up, which says to me they’re not concerned about it,' says John Bartlett, the Ocean County representative who negotiated with the rating companies. Both gave the bonds a perfect triple-A rating."