The Impact of Climate Change on the Construction Industry in 2022
Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Climate Change Risks in the Construction Industry Worldwide, the construction industry generates about half of all carbon emissions, and in the United States, about 40%. That includes the embodied carbon from the production and transportation of building materials and the operational carbon from lighting, HVAC systems. The construction industry is under intense pressure from project owners, investors, and various government entities to reduce the carbon footprint of every new structure. The Task Force on Climate-Related Financial Disclosures (TCFD) has studied the risks associated with climate change and has categorized them as 1) physical risk or 2) transition risks, which stem from failing to take decisive action in the transition to a lower carbon economy. Physical Risks Climate change is also having an impact on the way construction companies design and build new structures. The increasing number and severity of weather events such as tornadoes and hurricanes, as well as chronic issues such as sea level rise, flooding, and wildfires,...
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