First Line of Defense
July 27, 2015 3:59 PM
First Line of Defense
The RE.bound initiative is looking into a novel use for cat bonds: financing resiliency infrastructure. A related study by re:focus partners has put out proposals for certain cities to deal more effectively with climate-related challenges. Here's a few ideas.
A New Seawall for Miami
Miami is surrounded by 63 miles of seawall, nearly all of which is considered structurally deficient. About 60 miles of this infrastructure is in private hands, complicating attempts to strengthen it. A proposal to fortify Miamis defenses against storm surges and rising sea levels is to build a seawall outside the existing one. The insurance savings from this that would accrue to owners of coastal properties and even those further inland could be monetized.
A Package of Changes for Norfolk
With a population of nearly a quarter of million, Nofolk, Virginia was built on fill material and sits on the mouth of Chesapeake Bay. This makes is vulnerable to rising sea levels and the related problem of flooding. The proposal for this city focuses on the downtown Arts District, with a bundle of options, including blue roofs (which store water), storm-water tree trenches, and permeable pavement.
Using Parking Lot to Collect Storm-Water in Hoboken
Originally an island, the City of Hoboken is prone to extreme flooding thanks to low topography and the lack of porous surfaces (more than 75% of the city is paved). A proposed parking lot with attached facility to capture excess storm-water overflow could help the city manage floods.
New Ways to Recycle Water in Parched San Francisco
San Francisco has been facing an epic drought. Although already a leader in environmental management, the city could still find additional ways to conserve water. For South of the Market, a bustling neighborhood with a number of large businesses, the initiative proposes new facilities as well as retrofitting existing building to recycle water. Part of the financing for this can could come from PACE loans, which have been used to back securitizations.
