California Climate Risk and Response

The University of California Berkeley has released a report called "California Climate Risk and Response" which found that over half of California's real estate was at risk from climate change from such risks as extreme weather events, sea level rise and wildfires.

Real estate ($2.5 trillion worth at risk) and insurance represent the largest sectors at risk from climate change in the state, according to the report.

Six additional sectors, including water, energy, transportation, tourism, agriculture and public health would incur tens of billions of dollars per year in direct costs and expose trillions of dollars of assets to collateral risks, according to the report.

“Our report makes clear the most expensive thing we can do about climate change is nothing,” said lead author UCB adjunct professor Davis Roland-Holst.

The report, “California Climate Risk and Response,” was funded by Next 10, a nonpartisan, nonprofit organization.

The executive summary of the report is available here.

Well worth a read, especially if you live on the coast.

UPDATE

I woke up on Sunday to see "Fire menaces Los Angeles suburbs"

Note: I don't want to suggest that these fires are a direct result of climate change. Fire has been a natural part of the ecosystem for many many years, but we now face increasing risk from fire because of the increasing chance of weather extremes (due to climate change) and the fact that there is more concentrated human development in this area than ever before.

UPDATE 2
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Here is a story from the New York Times

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California to Plan Climate Change Strategy

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Gov. Arnold Schwarzenegger has instructed state agencies to prepare for climate change, especially rising seas, as they plan to replace, upgrade and repair the system of pipelines that distributes water around sewage treatment plants and low-lying airports, among other things.

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“We have to adapt the way we work and plan in order to manage the impacts and challenges that California and our entire planet face from climate change” said Mr. Schwarzenegger on Friday after issuing the executive order.

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“We don’t want to be investing in infrastructure that could be underwater in 20 to 30 years.” said Anthony Brunello, deputy secretary for climate change and energy at the California Resources Agency.