That Sinking Feeling: Real Estate In The Age Of Climate Change
Most people think of the Arctic as far off – a desolate tract inhabited by polar bears (real) and penguins (untrue) – with little relevance to their everyday lives.
Most human beings are wrong.
While the arctic can be remote for us geographically, what occurs there has a substantial effect on us, no matter in which we stay. NOAA, the National Oceanographic and Atmospheric Administration, published its 2018 Arctic Report Card remaining December. Like most of you, I missed reading it lower back then, and simplest discovered about it through a terrific YouTube channel known as Just Have A Think (hosted by way of a British non-scientist who does a splendid process of explaining climate-associated subjects).
The report consists of a lot of factors no person cares approximately; for instance, Arctic sea ice is becoming thinner and more modern and covers less area than any recorded period, wild reindeer and caribou herds have declined by over 50% regardless of a greening of the land, and the Arctic region has warmed at two times the price of decrease latitudes. It additionally includes one element that some humans care approximately a touch; mainly that excessive arctic warming has probably brought about the very severe cold snaps skilled in Europe and North America (as a resident of Chicago, I can testify to the latter) via growing a torpid, meandering jet stream.
However, if your very own land, hire an rental, or paintings in a structure located on earth, you have to be very worried approximately the results that very average climactic change is already having. A look posted earlier this 12 months using the First Street Foundation found that rising sea tiers and related results have already destroyed almost $16 billion in 2005-2017 – a length of yet exceptionally modest climate results. By “noticeably modest,” I imply that there had been no times of catastrophic land ice melting as yet.
However, it’s far really worth mentioning that Greenland’s glacial melt is rapidly drawing near a devastating and irreversible tipping factor. Based in New York City, First Street centered its studies most active on the Eastern Seaboard and, as you can see from the picture underneath, maximum of the losses amassed in the densely populated, economically, and culturally critical Northeast Corridor.