Communities across the country are already feeling the financial impacts of climate change. Recognizing the costs of climate-related damages, municipal bond investors are beginning to assess physical climate risk in portfolio management. These changes are shifting the conventional wisdom of municipal credit, where strong economies and balance sheets are now also being weighed against vulnerability to acute and chronic climate risks.

While local governments can take measures to adapt to potential climate-related pressures, little guidance exists for financial officers responsible for long-term financial planning and interacting with municipal markets. Moreover, the limits of adaptation and credit evaluation are unclear as the new paradigm for climate risk evaluation emerges. Building on the novel work of C2ES and the diligence of the Vermont Bond Bank, this webinar will explore how municipalities are feeling the financial impacts of climate change, as well as how these analyses can create positive feedback loops to help communities adapt for the future.

Speakers will outline the physical climate risk analysis landscape, how local governments can integrate climate risks and opportunities into financial decision-making, and how investors are beginning to evaluate climate risk. The speakers will then discuss what steps can be taken to position communities and bond issuers for success in this changing time.

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During this webinar hosted by the Alliance for a Sustainable Future, a joint effort of the US Conference of Mayors and the Center for Climate and Energy Solutions, Mayor Brad Cavanagh of Dubuque, Iowa, and his team will share lessons and strategies to successfully fund a comprehensive flood mitigation effort. Chief among these strategies is “stacking” various federal funding sources with state and local resources to implement a multi-faceted plan that integrates green and grey infrastructure solutions for maximum benefit. This strategy is featured in the Alliance for a Sustainable Future publication, “Cities Advancing Climate Action: Federal Funds for Local Impact,” in which a variety of other funding strategies for maximizing impact is explored.

Drawing on Dubuque’s approach as inspiration, this webinar will also feature representatives from key federal agencies and engineering firm AECOM to highlight the new and existing resources that local governments can leverage in accelerating climate-smart investments in their own communities.

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Based on a comprehensive literature review, discussions with city representatives and private-sector experts, and analyses of local resilience and economic development plans, this report examines the links between local climate risks and economic competitiveness. It highlights emerging resilience practices, identifies cross-cutting challenges, and recommends government and private-sector actions to strengthen climate preparedness and competitiveness among U.S. cities. The report focuses on the links between climate resilience and local economic competitiveness in three particular areas: city finances, economic development, and livability.

Conclusions:

• By addressing climate risks and boosting their resilience, cities can position their local economies to thrive in a climate-changed world.
• Local climate vulnerabilities and risks are becoming more salient to businesses, investors, insurers, and residents, and by addressing these risks, cities can strengthen their finances, attract investors, and improve livability.
• Cities are already facing real, but largely unquantified, climate-related financial impacts.
• A lack of cross-departmental coordination as well as information on risks prevents city leaders from having a more complete understanding of climate risks and potential benefits of resilience actions.
• Enhancing climate resilience can help cities avoid future losses by minimizing direct and indirect damages and costs; at the same time, resilience can also open the door to new economic opportunities and gains.
• City and industry experts agree that growing climate impacts need to be considered in economic development planning.
• Prioritizing equitable climate action in marginalized communities can enhance livability and support a diverse population.
• Ensuring cities and communities can take action will require concerted efforts across sectors and governments to overcome structural challenges and improve institutions, policies, practices, and tools. C2ES outlines specific recommendations for both policymakers and the private sector.

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