Mark Hand, Think Progress, Nov. 28, 2017

Credit rating agencies have gained a reputation for downplaying the impacts of climate change on local governments. While cities have seen their credit ratings suffer after experiencing devastation from storm-related flooding and winds, jurisdictions have not faced a credit downgrade for failing to address climate risks before the damage is done.

The time when the bond markets begin to take climate change more seriously may be on the horizon. Moody’s Investors Service, one of the big three credit rating agencies, released an in-depth report on Tuesday that explains how it takes climate change into consideration when analyzing the financial health of state and municipal governments.