We are just beginning to register the full implications of climate change, and if we take a moment to think about them, they are sobering. A feature in The Economist (April 13, 2024) is particularly disquieting because of its assessment of the risk to our homes, the largest single investment that we have and the place where we go for peace, privacy and security.

But take note of the frequency and severity of miscellaneous weather events that are threatening, damaging or destroying homes. Storms, floods, wildfires and coastal erosion are just a sample of the catastrophes that can impact where we live. By The Economist’s estimate, “About a tenth of the world’s residential property by value is under threat, …and by one estimate, climate change and the fight against it could wipe out 9% of the value of the world’s housing by 2050—which amounts to $25 trillion.” As The Economist points out, “Property is the world’s most important asset class, accounting for an estimated two-thirds of global wealth. Homes are at the heart of many of the world’s most important financial markets… .” A wholesale threat to them threatens the entire financial system.