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Climate change is already having a big impact on real estate prices, and it's only going to get worse, according to researchers at the University of California-Santa Barbara.
In a paper published Wednesday in the Proceedings of the National Academy of Sciences, the researchers say that while it would be "moderately bad" for real estate agents to have to worry about climate change, "if the fundamental uncertainty is directly about the dynamics of the climate such as uncertainty about sea level rise, the timing of tipping points, or the economic damage of weather, then climate change can itself become a key driver of economic growth."
That's why, when it comes to real estate, "asset prices can move with climate risks," the researchers say.
"As finance theory tells us, the appropriate discount rate for these investments will contain a risk premium that will be the opposite of the risk premium associated with the risk to be mitigated: calibrations in which climate risk coincides with bad economic outcomes and where it commands a high risk premium will also imply that very low discount rates apply to climate mitigation and adaptation investments (because they will earn a negative risk premium)."
The researchers surveyed professional economists, investors, and policymakers and found that "a large majority of respondents believe that climate risks are not Read the Entire Article
Selected Grant News Headlines
A customized collection of grant news from foundations and the federal government from around the Web.
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Spotlight
New Age of Philanthropy: #GivingTuesday
A part of a series produced by The Huffington Post in celebration of #GivingTuesday, which will take place this year on December 3, Kathy Calvin and Henry Timms vouch that we are living in a new era of philanthropy.
