Cities are on the frontlines of physical climate risks such as flooding, extreme heat, drought, and wildfires. Climate risk acts as a multiplier of inherent risk in the system. In the face of a changing climate, urban infrastructure may also exacerbate these risks. Who is the ultimate holder of risk—developers, insurers, governments, or the public? With some warming locked in, it is critical for urban infrastructure developers, financial markets, and public sector leaders to adapt to some of the inevitable changes, and to provide the market signals to reallocate capital to create added resiliency —to save lives and livelihoods in the process.
ULI Global Governing Trustee Richard Price sits down for a candid conversation with sustainability expert Dickon Pinner on how real estate leaders should confront climate risk.