Sustainable Finance Newsletter - Climate change makes it harder for US to plan shelter from the storms
By Ross Kerber
Oct 2 (Reuters) -Even as rescue workers scour the mountains of North Carolina for survivors of Hurricane Helene, public planners face the longer-term challenge of deciding how best to spend future resources for flood prevention and adaptation.
You can read about a new report on the matter below, which nods to thechallenges of protecting one small and noteworthy town in North Carolina that remains exposed to flooding eightyears after it took a hit from Hurricane Matthew.
You will also see links to storiesabout big payments that U.S. oil majors make to foreign governments, and the "Jamie premium" on JPMorgan shares.
Please know I appreciate news tips, comments, etc when you connect with me on LinkedIn. You can also reach me via ross.kerber@thomsonreuters.com
Climate change complicates US plans for shelter from the storms
When Princeville, North Carolina was allocated $39.6 million for an improved levee to hold back the Tar River in 2020, it came four years after rising watersforced residents out of the oldest U.S. town chartered by freed slaves.
A U.S. Army Corps of Engineers adaptation project had been authorized beforeflooding caused by Hurricane Matthew put much of the community underwater. Butpoor local property values led to a low priority for the project according to a new report by the nonpartisan Congressional Budget Office.
Even today things are not under way, frustrating town leaders who are committed to staying put and not leaving for higher ground. You can read more about how U.S. agencies decide where to spend money on climate adaptationmeasures in mycolumn this week, by clicking here.
Company News
U.S. East Coast and Gulf Coast dockworkers began their first large-scale strike in nearly 50 years, halting the flow of about half the country's ocean shipping, after negotiations for a new labor contract broke down over wages.
Shares of Wall Street bankJPMorgan Chase JPM.N are due to slump when its CEO Jamie Dimon eventually departs, say analysts and investors who estimate the shares carry a "Jamie premium" of around 10-15%.
Federal regulators allowed Chevron's CVX.N $53 billion purchase of Hess Corp HES.N but barred Hess CEO John Hess from joining Chevron's board. The agency cited concerns about communications that Hess, the son of the company's founder, had with members of OPEC.
On my radar
The top three U.S. energy exploration companies including Exxon XOM.N and Chevron paid more than $42 billion for taxes, royalties and other items to foreign governments last year, about eight times what they paid in the U.S., according to new regulatory filings required by the Securities and Exchange Commission.
The largest 100 U.S. university endowments would miss out on $33.2 billion of returns over 10 years if they adopted public equity asset allocation strategies aligned with the "Boycott, Divestment and Sanctions" movement meant to isolate Israel, according to a report by JLens, a Jewish values investment organization affiliated with the Anti-Defamation League.
Moving money from coal assets to a new responsible-investment exchange-traded vehicle CVLC.P provided the sort of quick win the New York State Insurance Fund wanted when evaluating the climate and social impacts of its holdings, a top executive said at a Reuters NEXT Newsmaker event in New York.
Reporting by Ross Kerber in Boston; Editing by David Gregorio
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