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Climate change isn't just a safety and environmental issue; it's also a financial one, since a rise in storms, floods, tornadoes, droughts, and wildfires will inevitably have a financial impact.
As a result, financial corporations and Wall Street are paying more attention to climate intelligence.
Unfortunately, as larger corporations obtain exclusive access to climate intelligence, regular residents will have less access to knowledge about the risks they face in their communities.
Experts are concerned about this. They are concerned that the consolidation of climate intelligence may result in asymmetry, or unequal access to information.
If you're a wealthy investor or a huge real estate company, you may pay to learn which companies or places will be the most resilient to climate change and make informed investment decisions.
Ordinary homeowners, on the other hand, may be left with fewer no-cost or low-cost options for learning more about their growing risk exposure.
The concerns of experts are not imaginary. Companies specializing in predicting physical climate hazards are being scooped up by big rating agencies like Moody's and S&P Global, as well as other financial institutions.
The Climate Service, a climate risk consultancy service, recently was purchased by S&P marking the latest consolidation in the climate intelligence industry.
Physical climate risks, such as severe temperatures, coastal flooding, and water stress, are analyzed by the Climate Service, as are so-called transition risks, such as changing legislative and market conditions.
This has various advantages. Climate risk analysis including any systemic threats to the financial system due to climate change is being incorporated into the ratings of corporations, sovereign funds, and more by major Wall Street organizations like Moody's and S&P.
Consumer activists, on the other hand, are concerned. They believe that knowledge about the financial risks posed by climate change should be freely accessible, not just to Wall Street insiders.
Unfortunately, they see the opposite, with people with a lot of money getting all the latest climate data analytics so that they can make the best decisions first. Asymmetrical, or unequal, access to data, they say, should not exist.
Some have responded by forming companies that supply consumers with property specific climate change related flood and wildfire risk information. Their hope is equal access for all to important information.
