Remy Blaire is joined by Jeff Gitterman, CEO of Gitterman Asset Management, to discuss the pressing need for resilience in the face of the climate crisis. The conversation begins with Remy highlighting the shift in climate leadership, emphasizing that while mitigation and adaptation are crucial, building resilience against climate impacts is becoming increasingly vital.
“For every $1 invested in resilience, it brings back $10 over the next 10 years in investment results.” – 05:03
Jeff explains that resilience has often been misunderstood as a sign of giving up on mitigation efforts. He notes that recent severe storms, including a typhoon in Thailand and Hurricane Melissa in Jamaica, illustrate the urgent need for improved infrastructure and early warning systems to cope with the escalating climate challenges. He stresses that resilience is not a one-size-fits-all approach; it must incorporate local contexts and community-driven insights.
The discussion then shifts to the rising global energy demand, which Jeff attributes to two main factors: increasing temperatures leading to higher air conditioning usage and the growing energy needs driven by artificial intelligence. He points out that this surge in energy demand is occurring without corresponding economic growth, highlighting the strain on energy resources.
Remy and Jeff also explore the importance of early warning systems in saving lives during weather disasters. Jeff shares a compelling example from Thailand, where a million people were evacuated ahead of a storm, significantly reducing casualties. He emphasizes the need for updated building codes that reflect the realities of today’s climate, particularly in both developed and developing nations.
As the conversation progresses, they look ahead to COP30, where Jeff expresses hope for a significant agreement on resilience funding. He advocates for a commitment of $1.5 trillion over the next decade to support developing countries that are most affected by climate change. Jeff underscores the injustice of the current situation, where the countries contributing the most to CO2 emissions are often the least impacted, while those that contribute little suffer the most.
Finally, Remy and Jeff discuss the implications of the government shutdown on FEMA and its impact on flood insurance and home purchases. Jeff highlights the potential risks to municipal bonds and the broader implications for communities reliant on federal support for disaster recovery.