Nearly all of the U.S. West has been parched by drought this summer, with dry and dangerous conditions exacerbating California’s wildfires and leading to emergency steps to address extreme water shortages.
“Climate will be the single-biggest influence on investment performance out of any other factor over the next 25 to 30 years,” said Blaine Townsend, director of sustainable, responsible and impact investing at Bailard, a San Francisco Bay Area wealth- and investment-management firm. Take California, the largest U.S. state by population, which has been under extreme drought conditions for the past 75 weeks, threatening its nearly $20 billion in estimated annual agricultural sales.
For a deeper dive, the National Integrated Drought Information System recently pegged the annual U.S. cost of drought at over $6 billion each year, a toll it says hurts not only crops C00, -1.47% W00, +0.07% and livestock DJCILV, , but presents a “serious hazard with substantial socioeconomic consequences.”
“I’m not going to say I’m going to downgrade Minneapolis or Minnesota because of drought,” he said, but he does plan to monitor the trend to see if there is further deterioration. “People have been thinking about drought for a long time, much longer than people realize,” he said, pointed to the first green bonds created in the early 1990s, but also their explosion in popularity in recent years, including by big companies looking for funding to help address climate risks.
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