Nature Climate Change
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Unpriced climate risk and the potential consequences of overvaluation in US housing markets Abstract Climate change impacts threaten the stability of the US housing market. In response to growing concerns that increasing costs of flooding are not fully captured in property values, we quantify the magnitude of unpriced flood risk in the housing market by comparing the empirical and economically efficient prices for properties at risk. We find that residential properties exposed to flood risk are overvalued by US$121–US$237 billion, depending on the discount rate. In general, highly overvalued properties are concentrated in counties along the coast with no flood risk disclosure laws and where there is less concern about climate change. Low-income households are at greater risk of losing home equity from price deflation, and municipalities that are heavily reliant on property taxes for revenue are vulnerable to budgetary shortfalls. The consequences of these financial risks will depend on policy choices that influence who bears the costs of climate change.
Nature Climate Change - Tập 13 Số 3 - Trang 250-257 - 2023
Climate clubs and the macro-economic benefits of international cooperation on climate policy
Nature Climate Change - Tập 9 Số 7 - Trang 542-546 - 2019
Stranded fossil-fuel assets translate to major losses for investors in advanced economies Abstract The distribution of ownership of transition risk associated with stranded fossil-fuel assets remains poorly understood. We calculate that global stranded assets as present value of future lost profits in the upstream oil and gas sector exceed US$1 trillion under plausible changes in expectations about the effects of climate policy. We trace the equity risk ownership from 43,439 oil and gas production assets through a global equity network of 1.8 million companies to their ultimate owners. Most of the market risk falls on private investors, overwhelmingly in OECD countries, including substantial exposure through pension funds and financial markets. The ownership distribution reveals an international net transfer of more than 15% of global stranded asset risk to OECD-based investors. Rich country stakeholders therefore have a major stake in how the transition in oil and gas production is managed, as ongoing supporters of the fossil-fuel economy and potentially exposed owners of stranded assets.
Nature Climate Change - Tập 12 Số 6 - Trang 532-538 - 2022
The public costs of climate-induced financial instability
Nature Climate Change - Tập 9 Số 11 - Trang 829-833 - 2019
Global perceptions of local temperature change
Nature Climate Change - Tập 3 Số 4 - Trang 352-356 - 2013
‘Climate value at risk’ of global financial assets
Nature Climate Change - Tập 6 Số 7 - Trang 676-679 - 2016
Scenarios towards limiting global mean temperature increase below 1.5 °C
Nature Climate Change - Tập 8 Số 4 - Trang 325-332 - 2018
Different glacier status with atmospheric circulations in Tibetan Plateau and surroundings
Nature Climate Change - Tập 2 Số 9 - Trang 663-667 - 2012
Global mountain topography and the fate of montane species under climate change
Nature Climate Change - Tập 5 Số 8 - Trang 772-776 - 2015
Carbon loss from forest degradation exceeds that from deforestation in the Brazilian Amazon
Nature Climate Change - Tập 11 Số 5 - Trang 442-448 - 2021
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