Growing Returns

Selected tag(s): climate resilience

The farm bill is a powerful opportunity for agricultural climate solutions

U.S. farmers, ranchers and foresters will need additional tools and resources to protect their land, keep growing food on a changing planet and contribute to national efforts to reduce greenhouse gas emissions. That’s where the farm bill comes in.

The farm bill is a critical piece of legislation that comes up every five years. It authorizes programs that provide producers with a safety net in tough times and supports them in adopting climate-friendly production practices.

As Congress begins writing the next farm bill, new recommendations from the Food and Agriculture Climate Alliance provide some of the most significant alignment on climate and agriculture policy priorities to date. Read More »

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New research shows the potential consequences of unpriced flood risk in US housing markets

No region of the US is unaffected by the impacts of climate change. From recent flooding in California to impending sea level rise along the East coast, the increased risk of climate disasters has made every community more vulnerable.

New research published in Nature Climate Change led by EDF economists finds that increasing flood risk due to climate change pose threats to the stability of the US housing market. Published with researchers from First Street Foundation, Resources for the Future, the Federal Reserve, and several academic institutions, our research revealed that the real estate located in flood zones is overvalued by US$121–US$237 billion due to unpriced climate risk.

Growing flood risk—and a growing bubble in the housing market

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Currently, over 14.6 million properties in the United States face at least a 1% annual probability of flooding, with expected annual damages to residential properties exceeding US$32 billion. The increasing frequency and severity of flooding under climate change is predicted to increase the number of properties exposed to flooding by 11% and average annual losses by at least 26% by 2050.

The increasing risk and cost of flooding due to climate change has led to growing concerns that housing markets are mispricing these risks, thus causing a real estate bubble to develop.

Supported by a grant from the National Science Foundation’s Megalopolitan Coastal Transformation Hub, the study is the first-ever national-scale assessment of climate risk to property values, using the property-specific, climate-adjusted First Street Foundation flood model. To do this, we evaluated the extent to which property values already account for the costs of flooding. We then compared those price discounts with property prices that fully capture expected damages from flooding over the next 30 years.

We found a nearly $200 billion dollar bubble.

The cascading and inequitable impacts of unpriced flood risk

Accurately pricing the costs of flood in home values is needed to support climate adaptation and to remove perverse incentives for development in floodplains. However, doing so could have negative financial impacts on households, communities, and municipalities. In the event that property values fully account for exposure to climate risk, our results raise concern that:

  1. Low-income communities are particularly vulnerable. The extent to which flood risk is not priced into housing values varies based on neighborhood and state characteristics, with low-income households at a higher risk of losing home equity . Such inequities have the potential to exacerbate wealth gaps in the US.
  2. Coastal housing markets are particularly vulnerable. In general, we find that 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. In particular, properties in Florida are overvalued by more than US$50 billion.
  3. Municipalities that are heavily reliant on property taxes for revenue could experience budgetary shortfalls if housing prices are corrected for flood risk. Cities and towns concentrated in coastal counties, as well as inland areas in northern New England, eastern Tennessee, central Texas, Wisconsin, Idaho and Montana, are particularly vulnerable to losing revenues in the event of a pricing correction. In these areas, local governments may need to adapt their fiscal structure in order to continue to provide essential public goods and services.

We need efficient and effective climate change policies

The cost of unrealized flood risk in the US real estate market is an increasing threat to economic stability for households, communities and municipalities. Despite clear need for improving flood risk communication via updated flood maps, broadening flood risk disclosure laws at the state and federal level, and increasing investment in flood risk reduction, the realization of these risks will largely depend on policy choices that influence the distribution of flood-related costs in society. In effect, these policy choices will require decision-makers to grapple with moral questions about who should bear the costs of climate-related disasters.

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New EDF mapping analysis identifies natural infrastructure use across watersheds

The Mississippi River Basin is sensitive to two major risks – flooding and poor water quality – and future climate change effects will continue to severely increase these risks. However, a natural solution to supporting the Mississippi River Basin (MRB) is natural infrastructure, which consists of structural or perennial vegetation, and provides multiple ecosystem services with the potential to reduce flooding and nitrate loading pollution. Our research shows that wetlands and floodplains are the best natural resources to reduce flood risk and nitrate pollution. Read More »

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Three ways to take bold action to protect urban coastal wetlands

Wetlands can be powerhouses for climate adaptation and resilience. This World Wetlands Day, we are highlighting one type of wetland that impacts people the most – coastal urban wetlands. Read More »

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Biden’s roadmap to nature-based solutions could be the key to future resilience planning.

In early December 2022, the Biden-Harris administration announced the release of a Roadmap to Accelerate Nature-Based Solutions to address climate change, inequity, and nature loss. This roadmap outlines five strategic recommendations for federal agencies designed to put the U.S. on a path to maximizing the use of nature-based solutions.

Coastal Resilience 2021 - Hampton Roads region, VA

Chesterfield Heights – Historic neighborhood with living shoreline construction project comprised of a raised berm (a mound of ground), grass plantings, wetland restoration, oyster reefs, and storm drains.

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EDF Celebrates the Passing of the NY Bond Act.

In the climate policy world, states and localities are often laboratories of innovation and progress. However, with the devastating impacts of hurricanes, wildfires and heat waves, residents are already experiencing the costly impacts of climate change. To mitigate these costs, EDF supports innovative funding and financing strategies — especially in areas that are most vulnerable to climate impacts. One example of this is EDF’s work on a ballot measure in New York State.

This week, voters passed the historic Clean Water, Clean Air and Green Jobs Environmental Bond Act ballot measure. This comes on the heels of the 10th anniversary of Hurricane Sandy, ushering in a variety of new flood resilience projects aimed at mitigating these risks to communities.

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Six reasons why wetlands are vital every month of the year.

The Environmental Protection Agency has designated May as American Wetlands Month, a “time to celebrate the vital importance of wetlands to our Nation’s ecological, economic, and social health.”

Scientists and coastal planners increasingly recognize the important role wetlands play in everything from flood protection to water quality to wildlife habitat to economic impact. At the same time, climate change and other stressors threaten wetlands, and in turn, the people and wildlife that rely on them.

As we close out American Wetlands Month, here are six reasons why one of nature’s richest ecosystems provide value to our lives every month of the year. Read More »

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50 years is too long! Now is our time to go bold or go home.

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Dr. Robert Bullard and Dr. Beverly Wright, Photo provided by Joseph Video Production and TJ Images.

“50 Years is Enough!”

That was the theme at this year’s 8th Annual Historically Black Colleges and Universities (HBCU) Climate Change Conference in New Orleans. 50 years of indiscriminate toxic dumping, 50 years of hazardous waste sites in frontline communities, 50 years of land-use decisions that harm communities of color – enough! It’s a searing message for attendees and a reminder that shines a light on the emergence of the movement from the 1960s and 1970s, in reaction to discriminatory environmental practices.

The conference began with a painful trip down memory lane, focused on the trials of environmental racism that befell Black communities in the 1960s. Event organizers discussed how imperative it is for policymakers to act in a way that helps ensure that communities have agency and ownership of their own future. The conference highlighted the long history of systemic racism that lies behind the environmental injustices that communities have faced for so many years. It also fueled a fire inside the movement’s trailblazers who spoke at the conference, forcing them to declare that enough is enough. We are fighting back! Read More »

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Small North Carolina farms find profitability in climate resilience

Farms across North Carolina are experiencing more variable and extreme weather associated with climate change, including hotter nights and more frequent and severe rainfall. Small farms are adapting to these changes by adopting climate-resilient practices that help buffer weather extremes and improve soil health.

Measuring and communicating the financial costs and benefits of these practices is important to help more farmers adopt them profitably and find financial support for the transition. Cooperative extension agents — small farms’ closest technical advisers — will increasingly need to inform farmers about climate-resilient practices and their financial impacts.

Environmental Defense Fund and North Carolina Agricultural and Technical State University Cooperative Extension collaborated with three small North Carolina farms to measure the financial impacts of adopting reduced tillage, high tunnels and cover crops. The results are summarized in a new report and set of case studies. Read More »

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How a diversity of crops, geographies and farms makes North Carolina’s agriculture sector uniquely resilient

Climate change and extreme weather pose serious threats to North Carolina agriculture as both temperatures and precipitation totals are expected to rise. However, North Carolina’s diverse agricultural production system provides a strong foundation for building climate resilience.

Environmental Defense Fund partnered with Cooperative Extension at North Carolina Agricultural and Technical State University to study the financial impacts of climate resilience on farms in North Carolina.

As an NC A&T student and EDF summer intern, I had the opportunity to speak with Dr. Mark Blevins, assistant administrator for agriculture and natural resources with the Cooperative Extension, about the current state and future of North Carolina agriculture.

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