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Banks Are Finally Realizing What Climate Change Will Do to Housing
Extreme weather threatens the investment value of many properties, but financing for climate mitigation efforts are only just getting going.
More than a decade ago, Laura Moore, a professor in coastal geomorphology at the University of North Carolina at Chapel Hill, expressed concern about the risks posed to properties built in the Outer Banks. In areas where hardening a home could reduce its exposure to climate-related risks, though, banks have been “pretty slow” to roll out products that might help people pay for solutions, including structural improvements, or defenses against flooding and wildfires, says Burt. Luca Bertalot, secretary general of the European Mortgage Federation—European Covered Bond Council, says there are huge risks to economic productivity if people can’t secure homes that protect them from the worst effects of climate change.
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