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Applying a FAMiliar Question of Climate Change Scope and Scale: Financial Assurance Mandates and Coastal Risk Management

August 2018

Citation: 48 ELR 10675

Issue: 8

Author: Catherine E.B. McCall

Just as our coasts have been defined and shaped by their surrounding lands and waters, the future scale and scope of climate change impacts in any one location will—in part—be defined by geography and surrounding landscape. Zachary Arnold presents a case for how Financial Assurance Mandates (FAMs) such as insurance or surety bonding could be utilized effectively to reduce the risk communities face from climate-driven impacts that result in coastal industrial disasters. His arguments for how FAMs could help to reduce regulatory and enforcement burdens related to climate-driven industrial disasters could be a positive step toward focusing limited public resources on advancing other climate actions and limiting climate risk and impact costs in other sectors.

Catherine E.B. McCall is the Director of the Center for Coastal Planning at the Maryland Department of Natural Resources, Chesapeake and Coastal Services Unit.

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