Sign In or Create an Account.

By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy

Climate

Flood Risk Is Hurting Texas Home Prices

On real estate in the era of climate change, Jeep EVs, and angry farmers

Flood Risk Is Hurting Texas Home Prices
Heatmap Illustration/Getty Images

Current conditions: Mexico City’s iconic jacaranda trees have bloomed early • More than half of Australia’s Victoria state is under an extreme bushfire danger alert • It could hit 63 degrees Fahrenheit in Green Bay, Wisconsin, tomorrow. The average February high is 29 degrees.

THE TOP FIVE

1. Study: Mandatory flood risk disclosures hit Texas property prices

New research offers a glimpse into how climate change continues to alter the real estate landscape in America. A recent study from Fannie May examined a Texas law, enacted in 2019 after Hurricane Harvey, that requires properties at risk of flooding be listed as such. The study found that the law has decreased prices for flood-prone homes by $15,000 on average. The study “comes as many states adopt or consider similar flood disclosure requirements,” E&E News reported. Harvey caused $155 billion in property damage. Experts say climate change is making hurricanes more destructive.

2. First U.S. Jeep EV coming soon

Eco-conscious Jeep lovers have been waiting patiently for a fully-electric version of their favorite vehicle, and their wait will soon be over. Jeep’s first EV – the Wagoneer S SUV – is entering production in the second quarter of 2024 and could be delivered to customers by July, the company’s CEO Antonio Filsosa said. It will be the first EV to sit on Stellantis’ new STLA Large EV platform. An electric Recon (which is inspired by the Wrangler) could be available by the end of the year. Stellantis-owned Jeep saw a 6% drop in U.S. sales last year, and is slashing prices on some of its best selling vehicles to combat the dip. It is no doubt hoping the EV push will help turn things around. “They’ve suddenly got a lot more competition than they traditionally have had,” Sam Abuelsamid, an e-mobility analyst at market research firm Guidehouse Inc., told The Detroit News. “There’s certainly opportunity for them to grow their share, but it’s not going to be easy.”

The Wagoneer SJeep

3. UN Environment Assembly kicks off in Nairobi

The sixth session of the United Nations Environment Assembly (UNEA-6) gets underway in Nairobi, Kenya, today. Member states will consider 19 draft resolutions on issues including climate change, pollution, and biodiversity. At the last meeting, in 2022, the group adopted 14 resolutions, including one on ending plastic pollution, which was called “the most significant environmental multilateral deal since the Paris Agreement,” according to The Associated Press. “UNEA-6 won’t solve the world’s problems overnight,” said Inger Andersen, executive director of the UN Environment Programme. "What it will do is unite nations under the banner of environmental action, focus minds and energies on key solutions and guide the work of UNEP in this critical period for people and planet.” The meeting runs until March 1.

4. Farmer protests escalate in Brussels

The streets of Brussels are clogged with nearly 1,000 large tractors today as farmers descend on the city to protest environmental policies being discussed by EU agriculture ministers. Piles of tires were set on fire and manure was dumped onto the streets. Some tractors plowed through barricades. Police fired water cannons. Farmers across Europe have been protesting for weeks, demanding that policymakers do more to help out the agriculture sector, including scrapping some policies aimed at significantly reducing the bloc’s emissions by 2040. “We are not against climate policies,” the head of one farming organization told Reuters. “But we know that in order to do the transition, we need higher prices for products because it costs more to produce in an ecological way.” The protests may be working: The EU has already back-tracked on cutting farming emissions, and nixed plans to urge citizens to eat less meat.

Get Heatmap AM directly in your inbox every morning:

* indicates required
  • 5. Walmart reports Scope 3 emissions milestone

    This went slightly under the radar last week, but is worth highlighting: Retail giant Walmart has hit a 2030 goal of reducing its Scope 3 emissions – six years early. Through the company’s “Project Gigaton” initiative, Walmart suppliers have removed 1 billion metric tons of greenhouse gas emissions from their value chains by reducing emissions, sequestering them, or avoiding them altogether. Project Gigaton launched in 2017. It’s a voluntary program that asks suppliers to set science-based emissions reduction targets in areas like waste, packaging, energy use, and transportation. Nearly 6,000 suppliers have signed up, and nearly 75% of net U.S. sales now come from Project Gigaton suppliers, reportedThe Wall Street Journal.

    Scope 3 emissions – which come from a company’s supply chain and also from the ways consumers use its products – usually represent about 70% of a company’s carbon footprint. The Securities and Exchange Commission (SEC) was set to require all U.S.-listed companies to disclose their Scope 3 emissions, but appears poised to roll back this rule, leaving companies and individual states to take the initiative. Already California is requiring large companies doing business in the state to report Scope 3 emissions by 2027.

    THE KICKER

    “We live in the narrow window where the severity of the problem is known, but there is yet time to act.” –Climate researchers Delvane Diaz, Steven Davis, and Zeke Hausfather writing about climate optimism for The Hill

    Yellow

    You’re out of free articles.

    Subscribe today to experience Heatmap’s expert analysis 
of climate change, clean energy, and sustainability.
    To continue reading
    Create a free account or sign in to unlock more free articles.
    or
    Please enter an email address
    By continuing, you agree to the Terms of Service and acknowledge our Privacy Policy
    Spotlight

    The Moss Landing Fire Is Radicalizing Battery Foes

    From Kansas to Brooklyn, the fire is turning battery skeptics into outright opponents.

    Texas battery project.
    Heatmap Illustration/Getty Images

    The symbol of the American battery backlash can be found in the tiny town of Halstead, Kansas.

    Angry residents protesting a large storage project proposed by Boston developer Concurrent LLC have begun brandishing flashy yard signs picturing the Moss Landing battery plant blaze, all while freaking out local officials with their intensity. The modern storage project bears little if any resemblance to the Moss Landing facility, which uses older technology,, but that hasn’t calmed down anxious locals or stopped news stations from replaying footage of the blaze in their coverage of the conflict.

    Keep reading...Show less
    Hotspots

    Trump May Approve Transmission Line for Wind Project

    And more on the week’s conflicts around renewable energy.

    Map of renewable energy conflicts
    Heatmap Illustration

    1. Carbon County, Wyoming – I have learned that the Bureau of Land Management is close to approving the environmental review for a transmission line that would connect to BluEarth Renewables’ Lucky Star wind project.

    • This is a huge deal. For the last two months it has seemed like nothing wind-related could be approved by the Trump administration. But that may be about to change.
    • The Bureau of Land Management sent local officials an email March 6 with a draft environmental assessment for the transmission line, which is required for the federal government to approve its right-of-way under the National Environmental Policy Act.
    • According to the draft, the entirety of the wind project itself is sited on private property and “no longer will require access to BLM-administered land.”
    • The email suggests this draft environmental assessment may soon be available for public comment, which is standard practice and required under the law to proceed. BLM’s web page for the transmission line now states an approval granting right-of-way for the transmission line may come as soon as this May.
    • We’ve asked BLM for comment on how this complies with Trump’s executive order ending “new or renewed approvals” and “rights of way” for onshore wind projects. We’ll let you know if we hear back.
    • It’s worth noting, however, that BLM last week did something similar with a transmission line that would go to a solar project proposed entirely on private lands. Could private lands become the workaround du jour under Trump?

    2. Nantucket County, Massachusetts – Anti-offshore wind advocates are pushing the Trump administration to rescind air permits issued to Avangrid for New England Wind 1 and 2, the same approval that was ripped away from Atlantic Shores offshore wind farm last Friday.

    Keep reading...Show less
    Q&A

    What’s the Deal with Battery Storage Regulation?

    A conversation with Nikhil Kumar of GridLab

    Nikhil Kumar, program director at GridLab
    Heatmap Illustration

    Today’s sit-down is with Nikhil Kumar, a program director at GridLab and an expert in battery storage safety and regulation. Kumar’s folks reached out to me after learning I was writing about Moss Landing and wanted to give his honest and open perspective on how the disaster is impacting the future of storage development in the U.S. Let’s dive in!

    The following is an abridged and edited version of our conversation.

    Keep reading...Show less