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Rising sea levels threaten sovereign credit ratings - Moody's

Published 01/16/2020, 01:31 PM
Updated 01/16/2020, 01:32 PM
Rising sea levels threaten sovereign credit ratings - Moody's

SINGAPORE, Jan 16 (Reuters) - Economic shocks stemming from
rising sea levels pose a long-term risk to the sovereign credit
ratings of dozens of countries which have large areas at risk of
submersion, including Vietnam, Egypt, Suriname and the Bahamas,
Moody's said on Thursday.
Climate science suggests that sea levels will continue to
rise for decades, contributing to increasingly frequent natural
disasters such as storm surges, floods and cyclones, the credit
rating agency said in a report.
"The economic and social repercussions of lost income,
damage to assets, a loss of life, health issues and forced
migration from the sudden events related to sea level rise are
immediate," Moody's said.
"Vulnerability to extreme events related to sea level rise
can also undermine investment."
Farming, tourism and trade are all threatened by rising sea
levels, especially in countries with a large proportion of land
and people at risk of submersion, including island states like
the Philippines, Fiji and the Maldives.
While high-income economies, such as Japan and the
Netherlands, are also exposed, they have countermeasures in
place that mean their credit ratings are unlikely to be
materially impacted, Moody's said.

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