Newsletter: California’s Fourth Climate Change Assessment

Four Twenty Seven Newsletter

Four Twenty Seven's monthly newsletter highlights recent developments in climate adaptation and resilience. This month, don't miss the new California Heat Assessment Tool, funding opportunities for risk mitigation and a preview of resilience events at upcoming conferences!

In Focus: Health-based Heat Projections

Four Twenty Seven tool developed under California’s Fourth Climate Change Assessment identifies regions most vulnerable to extreme heat

The California Heat Assessment Tool helps identify neighborhoods with populations vulnerable to heat and overlays projections for heat events likely to cause health impacts. This new research establishes local, health-based thresholds for extreme heat that help public officials, health professionals and residents understand what changing conditions mean for them. The tool can be searched by city, county or zip code and provides data at the census tract level.

Four Twenty Seven developed the tool with funding from the California Natural Resources Agency, in partnership with Argos Analytics, the Public Health Institute and Habitat Seve, and  technical support from the California Department of Public Health.

Access the Tool
California Releases Fourth Climate Change Assessment 

“In California, facts and science still matter,” said Governor Edmund G. Brown Jr. “These findings are profoundly serious and will continue to guide us as we confront the apocalyptic threat of irreversible climate change.”

Released yesterday, California's Fourth Climate Change Assessment includes 44 projects advancing actionable science to serve the growing needs of state and local-level decision-makers from a variety of sectors. Explore all technical reports and outputs at www.ClimateAssessment.ca.gov

"State energy officials said the assessment underscores the urgent need not only for swift global reductions in greenhouse gas emissions but also local actions to protect California from warming that’s already threatening people, natural resources and infrastructure." The Los Angeles Times reports.

“We’re seeing that in the fire situation, we’re seeing that in sea level rise, we’re seeing that in heat spells, in declining snowpack,” said California Energy Commission Chairman Robert Weisenmiller. “The climate is changing now so we need to be adapting our communities.”

Four Twenty Seven at GCAS and PRI

Join our GCAS side event on Sept. 11 in San Francisco

Safeguarding local infrastructure, businesses and the economies they support requires an understanding of the interconnected nature of the climate vulnerabilities of communities, businesses and financial institutions.

This affiliate side event, hosted by Four Twenty Seven, will feature investor, business and government thought leaders to discuss cutting edge projects and collaboration to build community and economic resilience. From 8:30-11:30am on Sept. 11 at Arup. 

This is a free invite-only event with limited capacity. Please express interest to be added to the list and we will review and confirm your registration shortly.
Express Interest

Join Four Twenty Seven at other side events on climate resilience

 
Looking for other applicable events? We've compiled a list of resilience-related side events that are pertinent for investors, corporations and communities. Browse our Google Doc, updated on an ongoing basis, to spot the most interesting side events on climate risk and climate science. Email nambrosio@427mt.com if you'd like your event to be included in our curated list.
More Events
Four Twenty Seven at CAF This Week

Join as at the California Adaptation Forum today and tomorrow! Visit our booth and meet with the team at the following panels:

  • Today from 1:05-1:25pm: Senior Data Analyst, Josh Turner, will demo the California Heat Assessment Tool at the Tools Salon.
  • Today from 2:55-4:10pm: Director of Advisory Services, Yoon Kim, will moderate a panel on "Heat Resilient Transit and Cool Streets." 
  • Today from 4:25-5:50pm: Yoon will moderate a panel, "Who Pays? The Implications of Liability, Insurance, And Credit Ratings on Adaptation Finance."
  • Wednesday from 9:30-10:45am: Manager, Advisory Services, Kendall Starkman will moderate a panel, "From Idea to Action: Mobilizing Adaptation Implementation Through Partnerships."
  • Wednesday at 1:30pm: Kendall will speak at the event, "ASAP Members Lead the Transfer of Adaptation Takeaways to GCAS tomorrow at 1:30pm. Editor, Natalie Ambrosio, will speak at the annual in-person ASAP meeting during the second half of this session.
Funding Opportunities to Build Resilience

Several funding opportunities for hazard mitigation projects in California

  • PDM and FMA Funding Opportunities:There is $235,200,000 nationwide for the PDM Program and $160,000,000 nationwide for the FMA Program, which provide funding for the development of local hazard mitigation plans (LHMPs) and implementation of hazard mitigation projects.The Notice of Interest for both grants is due by September 4, 2018. For more information visit Cal OES or email PDFM@caloes.ca.gov. 
  • Hazard Mitigation Grant Program (HMGP) – DR-4382 funding opportunity: HMGP funding is available statewide for any eligible mitigation activity.  Eligible activities also include Climate Resilient Mitigation Actions (CRMAs), such as actions supporting aquifer storage and recovery, flood diversion and storage, floodplain and stream restoration, and green infrastructure methods.  More info forthcoming on Cal OES. Or contact HMGP@caloes.ca.gov for more information. 
Upcoming Events

Join the Four Twenty Seven team in the field at these upcoming events:

  • September 11 - Building Community and Economic Resilience: San Francisco, CA: Four Twenty Seven will host a side event alongside the Global Climate Action Summit on Sept 11 to discuss the role of investors, businesses and governments in contributing to climate-resilient cities and infrastructure. Express interest.
  • September 12-14 – PRI in Person, San Francisco, CA: Visit the Four Twenty Seven booth and meet with our team at this annual gathering of responsible investment industry leaders. More details above.
  • September 12-14 – Global Climate Action Summit, San Francisco, CA: CEO Emilie Mazzacurati to speak at a session on resilience in this convening of global leaders meant to propel action around the Paris Agreement. More details above.
  • September 24-26 – 2018 Great Lakes Adaptation Forum, Ann Arbor, MI: Director of Advisory Services, Yoon Kim, will join this gathering of practitioners and scholars dedicated to building regional resilience.
  • September 24-30Climate Week NYC, New York, NY: Senior Analyst, Lindsay Ross, will join discussions around physical climate risk and resilience at this annual event. 
  • October 4 – Japan Electronic Trading Conference 2018, Tokyo, Japan: CEO Emilie Mazzacurati will speak about how physical climate risk affects investing strategies at this gathering of the FIX Trading Community. 
  • October 8-11 – ULI Fall Meeting, Boston, MA: Founder & CEO, Emilie Mazzacurati to join a panel on assessing climate risk in the real estate industry.
  • October 8-12 – Paris InfraWeek, Paris, France: Director, Europe, Nathalie Borgeaud, will join this discussion of recent developments in infrastructure finance.
  • October 15 - Deutsche Bank ESG Summit, Boston, MA. COO Colin Shaw will join a panel on climate risk in equities. Invitation-only.
  • October 16-18 – Verge 18, Oakland, CA: Yoon Kim will join this convening focused on developing a resilient, green economy.
  • October 23-26 – SOCAP18, San Francisco, CA: Members of the Four Twenty Seven team will participate in the annual Social Capital Markets conference.
  • November 13-15 – International Summit at Greenbuild Conference and Expo, Chicago, IL: Emilie Mazzacurati will provide the luncheon plenary address, "Climate Intelligence: Decision-making in the Age of Climate Change," on Tues Nov. 13.
  • November 16 – Methodologies and Tools to Evaluate the Financial Impact of Climate-related Risks and Opportunities, Milan, Italy: Nathalie Borgeaud will present Four Twenty Seven's methodology to assess physical climate risk in financial portfolios during this workshop.
  • November 26-28 – UNEP FI Global Roundtable & Climate Finance Day, Paris, France: Emilie Mazzacurati and Nathalie Borgeaud will participate in these two evens dedicated to mobilizing the financial sector to create a sustainable financial system.
  • December 3-14 – COP24, Katowice, Poland: Nathalie Borgeaud and Yoon Kim will attend the 24th Conference of the Parties to the United Nations Framework Convention on Climate Change and participate in side events.
  • December 5-6 – RI Americas, New York, NY: Emilie Mazzacurati to join a panel on climate risk in real estate markets. Visit the Four Twenty Seven booth.
  • December 10-14 – AGU Fall Meeting, Washington, DC: Director of Analytics, Nik Steinberg, Senior Data Analyst, Josh Turner and Lindsay Ross will join this annual convening of the Earth and space sciences community. 
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Copyright © 2018 Four Twenty Seven, All rights reserved.
Four Twenty Seven sends a newsletter focused on bringing climate intelligence into economic and financial decision-making for financial institutions, corporations, and government institutions.

Our mailing address is:
Four Twenty Seven
2000 Hearst Ave
Ste 304
Berkeley, CA 94709

The California Heat Assessment Tool

As California’s climate warms, residents increasingly endure extreme heat events that adversely impact public health. This exacerbates existing risks and will bring new challenges for different regions in the state, threatening the efficacy of traditional intervention strategies. Current thresholds for heat alerts are based on temperatures that exceed historical statistical thresholds, rather than temperatures that cause public health impacts. These ‘health-neutral’ thresholds may underestimate the health risks for the most sensitive populations. The new California Heat Assessment Tool (CHAT) is based on research that establishes local, health-based thresholds for extreme heat that help public officials, health professionals and residents understand what changing conditions mean for them. CHAT is part of California’s Fourth Climate Change Assessment, a state-mandated research program to assess climate change impacts in California, and was developed by Four Twenty Seven, Argos Analytics, the Public Health Institute and Habitat 7 with technical support from the California Department of Public Health.

Explore CHAT at cal-heat.org.  This online tool advances the understanding of what types of heat waves pose public health risks and examines how the frequency and severity of local heat waves are expected to change over time due to climate change.

Read a brief report, The California Heat Assessment Tool: Planning for the Health Impacts of Extreme Heat, that shares key findings from the research and summarizes the data analysis visualized in the tool.

Access the technical report detailing technical methodology and view other projects funded by the California Fourth Climate Change Assessment.

Access the users needs assessment for a detailed explanation of the literature review and interview process that defines the data gap the research team addressed.

Download the full press release.

Key Takeaways

  • Current climate change projections show that a typical California summer in 2100 may be 4-5° F warmer than today. Heat waves are also lasting longer, occurring later into the summer season and in areas less accustomed to heat waves.
  • Elderly or very young people, outdoor workers and individuals with preexisting health conditions or limited resources are most sensitive to the impacts of extreme heat and may be disproportionately affected. Some of these sensitive, or frontline, populations may experience adverse health impacts at temperatures 6-8° F lower than the general population.
  • Current thresholds for heat alerts are based on temperatures that exceed certain statistical thresholds, rather than temperatures that cause public health impacts. These health-neutral thresholds may underestimate the health risks for the most sensitive populations.
  • The online California Heat Assessment Tool (cal-heat.org) allows users to visualize projected changes in heat events that cause adverse health impacts, while also exploring data on social, health and environmental factors that contribute to heat vulnerability.

Weathering Wildfires: 427 Interview

Director of Analytics, Nik Steinberg, discusses wildfire risk, impacts and prevention efforts, on the Midday Briefing. Nik explains implications of increasingly frequent and severe wildfires for the insurance industry and homeowners and shares several ideas for adapting to these risks. While fires have always occurred, climate change is changing the landscape of the wildland-urban interface and residents and policy-makers must understand their wildfire risks and implement preventative strategies. The economic implications are huge for utilities, shareholders and communities, but with intentional planning businesses, governments and residents have the opportunity to mitigate loss.

 

Public Health System Resilience Scorecard

Climate change will continue to adversely affect public health by threatening sanitation, altering the distribution of vector-borne disease, increasing the need for effective heat wave responses, introducing new mental health challenges and more. To help cities understand their vulnerability to these impacts and build resilience, the United Nations Office for Disaster Risk Reduction (UNISDR) developed a Public Health System Resilience Addendum for its Disaster Resilience Scorecard for cities.

The addendum includes 24 questions, defining a 0-5 scale for practitioners to quantify their responses (see example below). The questions cover the integration of public health with each of UNISDR’s Ten Essentials for Making Cities Resilient: disaster governance, disaster scenarios, finances, land use and building codes, ecosystem services, institutional capacity, societal capacity, infrastructure resilience, disaster response, and disaster recovery.

By capturing all of the possible weak spots in the broader health system, the addendum is meant to be a tool for mainstreaming public health considerations into disaster risk reduction plans, rather than just serving as a one-time assessment.  Using this integrated approach can help city officials build resilience over time. Recent events like the power outage that led to eight deaths in a Florida nursing home after Hurricane Irma demonstrate the preventable nature of many public health disasters. Ensuring that critical facilities have backup power supplies and that potential hazards are effectively communicated are ways in which effective planning can mitigate loss. By understanding existing vulnerabilities and how these will worsen with climate change, officials can implement essential adaptation measures that will save lives.

Four Twenty Seven contributed to this addendum and has developed a methodology to assess climate risk exposure in U.S. cities and counties. We are continuing research on quantifying local resilience to climate impacts and supporting public health responses to climate change. The forthcoming California Heat Assessment Tool will provide public health officials with an interactive platform to understand the projected increase in extreme heat events in each California census tract, based on the sensitivity of the local populations. It will also show the distribution of frontline individuals, such as the elderly, to inform effective local heat responses. This free, user-friendly tool will be live in mid-August.

Newsletter: Japan’s Floods Halt Manufacturing

 

 

Four Twenty Seven’s monthly newsletter highlights recent developments in climate adaptation and resilience. This month, don’t miss our analysis of Japan’s recent flooding, a new report on economic climate risk in Australia, and context around other recent extreme weather events.

In Focus: Time and Tides – Flooding in Japan

Four Twenty Seven Analysis


Japan was the inundated by over 70 inches of rain in early July, resulting in significant loss of life and business disruptions. The clouds have since receded, leaving economic damage with long-term implications yet to be understood. However, estimates expect industry losses to be in the billions USD. Destruction was centered in Okayama and Hiroshima, driven by flooding and landslides. Japan’s floods were followed by a deadly heat wave, threatening those left without power after the storm and hindering recovery efforts.

Our latest analysis identifies companies affected by the event based on the location of vulnerable corporate facilities. We find several automobile manufacturers and electronic companies closed facilities during the flooding due to supply chain and labor disruptions. Understanding the ownership and operations of facilities in the damaged areas provides insight into what companies and industries may exhibit downturns in performance over the near term and be vulnerable to similar storms in the future.

Read our Analysis

Responding to Economic Climate Risk in Australia

New Four Twenty Seven report explores calls for increased climate risk disclosure in Australia


Our recent report, Responding to Economic Climate Risk in Australia, explores the connection between climate hazards and financial risks in Australia, sharing examples of corporate adaptation and investor engagement to build resilience.

Regulatory pressure and financial damage are necessitating an increase in physical climate risk disclosure in Australia. The nation’s predominant sectors are also the most exposed to drought and heat stress.

In exercising their own due diligence and assessing the exposure to physical climate risks in their portfolios, investors arm themselves with valuable information on corporate risk exposure which they can leverage to engage with companies around resilience.

Read the Report

Climate Change Contributes to Record Heat

Record-breaking heat around the world


Many areas around the world recently experienced their highest daytime temperatures and warmest lows. These records include Burlington, VT which had it’s warmest recorded low temperature of 80 degrees on July 2. Montreal had its highest recorded temperature of 97.9 degrees on July 2 when around 34 people died. Shannon Ireland set its all-time record of 89.6 degrees on June 28 and Quriyat Oman experienced the world’s warmest recorded low of 109 degrees on June 28.

Climate change threatens public health

Extreme heat threatens human health and economic productivity through impacts on the workforce, power grid and vulnerable populations. The Washington Post explains the connection between climate change and heat waves, and the social and economic challenges they bring. Strong and hot domes of high pressure have become more extreme as the climate warms, bringing heat waves. “While warm summer nights may seem less concerning than scorching afternoons” warmer nighttime lows are dangerous because the body has no respite, the New York Times reports.

Further Reading

Inside the Office at Four Twenty Seven

Four Twenty Seven in the Media

Upcoming Events

Join the Four Twenty Seven team in the field at these upcoming events:

  • July 18: Summer in the City CRS Investing Summit, New York, NY: Macroeconomic Risk Senior Analyst, Lindsay Ross, will speak on a panel about assessing physical climate risk in investment portfolios at this annual convening of the responsible investment community.
  • July 19: Webinar: Introduction to the California Heat Assessment Tool, 1:30-2:30pm PT: Director of Analytics, Nik Steinberg, will introduce the California Heat Assessment Tool (CHAT) to California public health officials during the CalBRACE webex meeting.
  • August 28-29: 3rd California Adaptation Forum, Sacramento, CA: Join Yoon Kim, Nik Steinberg, Kendall Starkman, Josh Turner, and Natalie Ambrosio at this biennial convening of adaptation professionals. Yoon will moderate a panel on the legal aspects of adaptation finance, Kendall will facilitate a panel on mobilizing climate adaptation through partnerships and Nik will present the California Heat Assessment Tool.
  • September 11: Building Transformational Community and Economic Resilience: San Francisco, CA: Four Twenty Seven will host a side event alongside the Global Climate Action Summit on Sept 11 to discuss the role of investors, businesses and governments in building climate resilience, both in California and abroad. Invite only.
  • September 12-14: PRI in Person, San Francisco, CA: Visit the Four Twenty Seven booth and meet with our team at this annual gathering of responsible investment industry leaders.
  • September 12-14: Global Climate Action Summit, San Francisco, CA: Join the Four Twenty Seven team at this convening of global climate adaptation experts meant to propel action around the Paris Agreement.

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Copyright © 2018 Four Twenty Seven, All rights reserved.
Four Twenty Seven sends a newsletter focused on bringing climate intelligence into economic and financial decision-making for financial institutions, corporations, and government institutions.Our mailing address is:
Four Twenty Seven
2000 Hearst Ave
Ste 304
Berkeley, CA 94709Add us to your address bookWant to change how you receive these emails?
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Time and Tides – Flooding in Japan

July 15, 2018 – 427 ANALYSIS: Record-setting rains in Japan led to floods and landslides that disrupted business operations of automobile manufacturers, electronic companies and others. Understanding the ownership and operations of facilities located in the damaged areas provides insight into what companies and industries may exhibit downturns in performance over the near term and be vulnerable to similar storms in the future.

Japan was the inundated by over 70 inches of rain in early July, an event that resulted in significant loss of life and business disruptions. The clouds have since receded, leaving economic damage with long-term implications yet to be understood. However, estimates expect industry losses to be in the billions USD. Destruction was centered in Okayama and Hiroshima, driven by flooding and landslides.

Typhoons Prapiroon and Maria contributed to this rainfall and climate scientists expect a warmer climate to increase the severity of these storms. Japan has fewer preparations in place for floods than it does for other extreme events, and understanding the various manifestations of risk caused by extreme rainfall is essential to mitigating damage in the future.

Much of Okayama sits immediately below mountains, which makes it particularly exposed to devastating landslides following significant rainfall events. Bursting pipes and power outages led over 250,000 homes in the Okayama and Hiroshima Prefectures to go without water for several days after the floods. Landslides destroyed homes and exacerbated infrastructure damage caused by flooding.

Many business operations were severely impacted by these events as well, and some facilities remain closed.  Companies such as Panasonic experienced physical damage due to flooded facilities, and others were impacted by damaged infrastructure and communities, impacting their supply chains and workforce.

Okayama and Hiroshima are centers of economic activity for a number of key sectors in Japan, hosting production facilities for auto manufacturing, consumer electronics, retail trade and others. The figure below highlights the concentration of facilities of companies in the auto manufacturing industry by the sector of their operations. Companies that rely heavily on manufacturing operations are particularly vulnerable to flooding due in part to their utilization of expensive equipment that can easily incur water damage.

The heavy rainfalls showed no favorites in their disruption of manufacturing facilities across industries. For example, Mitsubishi and Mazda halted operations at some factories during the storms, due in part to supply chain disruptions. Many companies were also forced to pause operations because employees couldn’t get to work. While Mazda’s headquarters in Hiroshima Prefecture and a production facility in Yamaguchi Prefecture weren’t damaged themselves, they remained closed after the storms until employees could return to work safely. Likewise IHI Corp. closed its No. 2 Kure factory in Hiroshima  because of water shortages and employees’ commute challenges.

The extent of   long-term economic impacts that these companies will bear in the aftermath of last week’s storms is not yet known, but merits ongoing examination as the region recovers. Understanding the location of a corporation’s facilities and their exposure to extreme weather events is a key starting point for gauging exposure, and therefore can be instrumental in understanding company’s future performance.

Four Twenty Seven’s extensive facility level database can help investors proactively identify their portfolio companies’ exposures both to chronic climate effects and to individual extreme weather events such as the extreme rainfall that beset Okayama and Hiroshima. This deeper understanding can drive better risk-return tradeoffs, and importantly, shareholder engagement strategies that foster investments in resilience.

Responding to Economic Climate Risk in Australia

June 25, 2018 – 427 REPORT. Regulatory pressure and financial damage are necessitating an increase in physical climate risk disclosure in Australia. In exercising their own due diligence and assessing the exposure to physical climate risks in their portfolios, investors arm themselves with valuable information on corporate risk exposure which they can leverage to engage with companies around resilience. This report explores the connection between climate hazards and financial risks and shares examples of corporate adaptation and investor engagement to build resilience.

The global tide of interest in the Task Force on Climate-related Financial Disclosures (TCFD) has hit the shores of Australian financial markets, steered by regulators concerned about the systemic risk climate change poses to the economy. In 2017 Australian Prudential Regulation Authority’s Geoff Summerhayes was the first Australian regulator to formally endorse the TCFD. “Some climate risks are distinctly ‘financial’ in nature. Many of these risks are foreseeable, material and actionable now,” he said. This sentiment was echoed by John Price of the Australian Securities and Investments Commission in 2018 and reflects growing regulatory concern over climate risk disclosure internationally, as shown by Article 173 of France’s Law on Energy Transition and Green Growth and the 2018 European Commission Action Plan.

This Four Twenty Seven Report, Responding to Economic Climate Risk in Australia, explores the drivers of financial risk in Australia and discusses approaches to addressing this risk. The nation’s dominant industries are particularly threatened by the prevalent climate hazards. For investors, understanding a company’s risk to climate change is an essential first step to mitigating portfolio risk, but must be followed by corporate engagement to build resilience. Institutional investors are increasingly leveraging shareholder resolutions and direct engagement to prompt companies to disclose their climate risks and adapt.

Key Findings

  • Australia’s “Angry Summer” of extreme weather in 2013 cost the economy $8 billion and was followed by another summer of extremes in 2016-2017.
  • Construction, mining and manufacturing constitute almost 20 percent of Australia’s economy and are highly vulnerable to heat stress and water stress, which threaten large swaths of the nation.
  • Boral Limited and Rio Tinto are both Materials companies exposed to water and heat stress in their operations, but they have different risk scores stemming from differing vulnerabilities in their markets and supply chains.
  • Engagement on climate is relatively new for Australian shareholders, but is gaining momentum, with institutional asset managers voting on several climate risk disclosure resolutions in 2018.
  • Investors can address physical climate risk by reviewing their asset allocations, disclosing their own risks, investing in new opportunities and engaging with corporations.

Download the report.

Webinar: Emerging Metrics for Physical Climate Risks Disclosures

This Four Twenty Seven webinar on emerging metrics and best practices for physical climate risks and opportunities disclosures covers recent developments in TCFD and Article 173 reporting, challenges to assessing climate risk exposure, strategies for investors to incorporate this information into decision-making and approaches to build corporate resilience.

Speakers

  1. Emilie Mazzacurati, Founder and CEO, presents key findings from the EBRD-GCECA report: Advancing TCFD guidance on physical climate risks and opportunities and emerging best practices in physical risk reporting.
  2. Nik Steinberg, Director of Analytics, shares challenges and approaches for using climate data for business decisions.
  3. Frank Freitas, Chief Development Officer, discusses corporate engagement opportunities for investors and approaches to integrating climate change into investment strategies.
  4. Yoon Kim, Director of Advisory Services, shares examples of innovation in corporate resilience-building.

Webinar: Building City-level Climate Resilience

This Four Twenty Seven webinar familiarizes participants with an approach for assessing city-level physical climate risks and provides insight into concrete actions that cities can take to more effectively attract investor financing for climate adaptation and resilience.

Speakers

  1.  Nik Steinberg (Director of Analytics, Four Twenty Seven) provides an overview of Four Twenty Seven’s approach to assessing city-level physical climate risks.
  2. Lisa Schroeer (Senior Director and Sector Leader, S&P Global) speaks about how the ratings agency is incorporating physical climate risks into its view of city and county  credit risk.
  3. Ksenia Koban (Vice President and Municipal Strategist, Payden & Rygel) offers insight into the factors that investors are looking at when determining whether to make city-level climate resilience investments and what cities can do more successfully to attract investor financing for climate adaptation and resilience.

Read Four Twenty Seven’s report on Assessing Exposure to Climate Change in U.S. Munies and learn more about our advisory services for risk assessments, adaptation finance and policy consulting.

Every City Has its Hazards: 427 Interview

Chief Development Officer, Frank Freitas, discusses Four Twenty Seven’s report on Assessing Exposure to Climate Risk in U.S. Municipalities on the Midday Briefing. During this brief interview Frank describes Four Twenty Seven’s work as a data provider for investors, highlights the ubiquity of climate hazards across United States munies and explains the impact of both acute events like hurricanes and more subtlety destructive chronic stresses such as drought.