The Unite Nation’s climate science panel released a report this week that was bad news for real estate subject to sea level rise, wildfires, drought and other environmental threats tied to global warming.
Researchers found that humans continue to burn more and more fossil fuels, which releases ever-increasing amounts of greenhouse gases, at a time when we need to drastically reduce output. At the current rate of emissions, we’re set to blow through the 1.5 degrees Celsius temperature increase limit past reports set for this century. We’re headed for 3.2 degrees Celsius. At this point, even if nations realize their past greenhouse gas emissions reduction targets, the world would still see 2.2 degrees or more of warming.
The National Oceanic and Atmospheric Administration recently released a report that estimated US coastal cities and towns would see an average of a foot of sea level rise between now and 2050. That estimate was based on 1.5 degrees Celsius of warming. If the globe warms much faster than that, the ocean will expand much faster and glaciers and ice sheets primarily in Greenland and Antarctica will melt faster contributing to faster and greater than predicted sea level rise.
U.S. coastal communities and private real estate owners are already spending billions of dollars to fend off sea level rise-driven floodwaters. They’re building and raising seawalls, installing pumps to remove floodwater, elevating land, homes, and government and commercial buildings, and hardening and/or elevating infrastructure, such as roads, sewer and water pipes and underground energy and communications equipment. If humans don’t drastically reduce their reliance on fossil fuels — such as coal, oil and natural gas — these projects won’t be enough. Last-resort measures such as managed retreat — property buyouts in flooded areas — will increasingly become the norm.
Faster and higher sea level rise will not only lead to more frequent tidal flooding of vulnerable coastal areas, it will also result in more powerful storm surges being driven further inland. All together, this will apply incredible pressure on the already strained insurance and mortgage markets in coastal communities.
UN report researchers say we need to cut all greenhouse gas emissions in half by the next decade. The best way to do this is by relying more heavily on renewable energy sources, such as solar and wind power. Improving energy efficiency in homes and businesses and energy conservation practices also play an important role.
Fortunately, these goals are within reach. For example, the cost per unit of solar energy is 85% less than it was in 2010. The cost per unit of wind power is 55% cheaper.
The X factor in all of this is our political will and personal commitment to changing our habits to achieve these objectives. The world’s nations have been less-than-honest about the efforts and results they’ve achieved so far in the fight against climate change, global warming, and sea level rise. Not being forthright with the facts is dangerous for us all. The simple fact is when we gaslight Earth, we’re the ones who get burned. The planet’s chemistry and physics are well-established, and the its rules can’t be broken without resulting in a world that is inhospitable to human life.
UN scientists say we have a very narrow and quickly closing window of opportunity to fend off the worst case global warming scenario. Each and every one of us has a role in preventing that outcome.
Sea Level Rise Flooding Information for Buyers, Sellers, Owners, and Real Estate Agents 