Municipal Bond Markets Don’t Believe the Global Warming Alarmists

Coastal cities say one thing in court suits, another in bond disclosure documents.

If you believe the rhetoric of mayors and city council members in coastal cities, their areas will be under water in only a few decades. But when they sell their own bonds, these dire predictions are nowhere to be found in required disclosure statements.

Buyers of coastal city bonds appear not to believe the predictions either. There is no statistically significant difference in long term bond rates between coastal cities and cities in the interior of the country.

A Government Accountability Institute report says:

For example, the City of Oakland, the City of San Francisco, and San Mateo County, in filing individual lawsuits against ExxonMobil, Chevron, and other major oil companies, made specified claims of damages to their cities due to the impacts of climate change… [Oakland] claimed the threats were so real that “by 2050, a ‘100-year flood’ in the Oakland vicinity is expected to occur… once every 2.3 years … and by 2100 … once per week.”

However, language used to disclose risks to investors in a 2017 bonds document states, “The City is unable to predict when seismic events, fires or other natural events, such as sea rise or other impacts of climate change or flooding from a major storm, could occur, when they may occur, and, if any such events occur, whether they will have a material adverse effect on the business operations or financial condition of the City or the local economy.”

Two more examples of inconsistency:

Boston Mayor Marty Walsh has repeatedly railed against the dangers of climate change, yet has presided over the permitting of multiple buildings that would flood if his own predictions about climate change were correct, while the City of Boston mentioned “climate change” just once in its disclosure statements.

Low-lying Miami and Miami Beach paid lip service to sea level rise, but did not let it get in the way of lucrative building in flood-prone areas, especially where the mayor owns property.

Are You Willing to Bet Money on Your Environmental Views?

Andrew McAfee is offering to take a number of bets centered around predictions and implications from his new book More from Less.

  • In 2029, the US will consume less total energy than it did in 2019.
  • In 2029, the US will produce less total CO2 emissions than it did in 2019, even after taking offshoring into account.
  • Over the five years leading up to 2029, the US will use less paper in total than it did over the five years leading up to 2019.

HT to Alex Tabarrok. More here.

 

Photo by Florian GIORGIO on Unsplash

Make Dishwashers Great Again!

Trump administration proposes loosening the energy rules that make automatic dishwashers operate so poorly.

 

Dishwashers used to clean a full load of filthy dishes in under an hour. But now they take an average of two and a half hours and STILL leave dishes dirty!

From a FreedomWorks online petition.

Did you know the federal government regulates dishwashers? Trump wants to change the rules. Guess who wants to keep things exactly like they are? Dishwasher makers!

Photo by Florian GIORGIO on Unsplash

Was Hurricane Dorian Caused by Global Warming?

CNN vs. Roy Spencer

Image of a storm surge by Jerry Coli from Pixabay.

This is from CNN Host Wolf Blitzer:

We’re seeing firsthand the effects of climate change as a powerful Atlantic hurricane is sitting right now off the coast of Florida.

This is from Roy Spencer:

Twenty-two major hurricanes have struck the east coast of Florida (including the Keys) since 1871. It is shown that the observed increase in intensity of these storms at landfall due to SST [sea surface temperature] warming over the years has been a statistically insignificant 0.43 knots per decade (0.5 mph per decade). Thus, there has been no observed increase in landfalling east coast Florida major hurricane strength with warming.

HT to Myron Ebell.

 

Photo by Florian GIORGIO on Unsplash