New York City is on climate notice
NEW YORK, Sept 2 (Reuters Breakingviews) – The remnants of Hurricane Ida knocked out another U.S. city on Wednesday. New York City received record rainfall, causing historic flooding and killing at least nine people, damaging homes and airports, and crippling public transportation read more . The devastation might get deep-pocketed residents to mobilize more capital in the fight against a changing climate.
Tipping points often come when the wealthy are hit with major issues head-on. That happened in London in 1858, in a period known as the “Great Stink.” Parliament was so crippled by the overpowering smell from the River Thames, it finally commissioned a sewer system, despite the fact cholera had plagued poor residents for years.
New York has already manifested a similar problem: Despite its hosting the highest population of residents with a net worth above $5 million of any city in the world, the municipality has a woeful infrastructure. Ida may not change that. But maybe with freak weather pitching up on New York’s toniest streets, rich citizens might start turning more of their sizeable investments green. (By Lauren Silva Laughlin)
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Editing by John Foley and Marjorie Backman
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