Word: superstorms
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...rebuilt from the ground up. Nor will it be the last major city to be menaced by rising seas - from New York to London to Shanghai, most of our major metropolises are built next to an ocean, and it's only a matter of time before the next superstorm hits. If we can build back New Orleans in a way that is both sustainable and resilient, capable of surviving another Katrina, we all might be better prepared for the hot and unstable days to come...
...change is already having a serious financial impact on business. Julie Gorte, a vice president for the mutual fund Pax World, points out that nearly half of the top-100 companies in the S&P 500 reported that their earnings had been affected by Hurricane Katrina--the kind of superstorm scientists believe will become more common as the globe warms. And as Washington finally begins to consider legislation that would cap greenhouse-gas emissions, companies that produce lots of carbon dioxide could be forced to purchase costly carbon offsets to meet the new regulations. These are material financial risks...
...October, insurance executives worldwide were allowing themselves a collective sigh of relief as an unusually uneventful hurricane season was winding down in the Atlantic. And when another superstorm touched off by global warming blew through London and around the world on Oct. 30, they were[an error occurred while processing this directive] far more prepared than they would have been even a year ago. The London storm was not literal, but political: Nicholas Stern, a respected former World Bank economist, released his long-awaited report on the long-term economic impact of climate change. Commissioned by Britain's Chancellor...
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