Read the full story at Quartz.
Over the next decade, regional and municipal governments will need to spend hundreds of billions of dollars to retrofit buildings, improve energy efficiency, install EV chargers, and adapt to climate change. CDP, an environmental non-profit, estimates there are $26 billion in resiliency infrastructure projects underway in nearly 100 US cities. All of this amounts to a small fraction of what is needed.
Innovative infrastructure—and financing—will be key as more US cities like Washington DC grapple with how to strengthen crumbling infrastructure against changing climate. Roads, buildings, energy grids will all need to be protected, and simply rebuilding what has worked in the past won’t be enough. One recent study found that 25% of all critical infrastructure in the US is at risk of failure due to flooding. As cities test out new solutions, environmental impact bonds offer a way to foot the bill.
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