Rising Sea Levels Represent the Next Greatest Risk
Rising sea levels might lead to the worst disaster scenario ever seen in the utility industry, mainly because it’s a scenario that could wipe out thousands of miles of land, making it completely uninhabitable. And no, this isn’t just me being overly dramatic – recent research and data support this perspective. For example, according to NOAA, there has been a 100% increase in the number of days per year with high-tide flooding in the Gulf and Atlantic coastal areas.
How Much Chaos Could Rising Sea Levels Cause in the Future?
A report released by Moody’s in Sept. 2020 warned that more frequent coastal flooding from weather-triggered high tides and storm surges threaten coastal economies. The report predicts that 20 years from now, rising sea levels will threaten over 110 coastal cities with a combined population of over 6 million people.
The report concludes that rising sea levels are particularly problematic for states where coastal counties account for at least 70% of total GDP. These states are Hawaii, Rhode Island, Massachusetts, New York, New Jersey, Florida, California and Washington. Some of these states are even involved in litigation against energy companies that engage in exploration, production and refining, claiming they knew that their business activity would contribute to climate change and increase sea levels.
The report goes on to say that the changing seascape will require coastal states to plan now for the worst. And I’d go even further to say that coastal utilities should take note as well, and engage in some scenario-planning to determine what the worst-case scenario might look like (i.e., entire service areas under water) and what can be done now to reduce the chances of the worst-case scenario occurring or at least reduce the potential impact. It’s apparent to me that rising sea levels are no joke – this is a problem that needs to be taken very seriously.
