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Environment
In South Florida, where the Everglades meet the bays, environmental challenges abound. Sea level rise threatens homes and real estate. Invasive species imperil native plants and animals. Pesticides reduce the risk of mosquito-borne diseases, but at what cost? WLRN's award-winning environment reporting strives to capture the color and complexity of human interaction with one of the most biodiverse areas of the planet.

There’s a hidden cost to climate change. Many Florida taxpayers could foot the bill.

flooding_miami.jpeg
Al Diaz
/
Miami Herald
A man bikes through the flooding in the streets of Sweetwater in October. Cities that wait to address the effects of climate change, like sea level rise, could pay more in bonds when they get around to it.

Waiting to address climate change could cost taxpayers in coastal cities — particularly in highly vulnerable Florida — in a way that not even the most progressive resiliency planners have considered.

Leaving the growing risk of rising seas unaddressed is going to hurt municipal and government credit scores, says the bond rating agency Moody’s in a new report. That means that cities or states now ignoring the issue could face higher interest rates when they borrow money down the road. And, according to long-term climate projections, they will need to borrow a lot of it — hundreds of millions, maybe billions — for civil works projects that will be needed to keep sea level rise from inundating streets, homes and businesses in Florida in coming decades.

Guess who is going to pick up that extra cost of those bonds? Taxpayers.

Read more at our news partner, the Miami Herald