First Street

Don't wait for financial losses to incorporate climate risk into your risk mitigation strategy. Turn climate risk data into a strategic advantage. The Office of Financial Research used First Street data to examine how banks are revising their risk mitigation strategies in response to climate change. The findings reveal that banks generally implement climate risk mitigation strategies only after incurring losses, and rarely do so in highly competitive regions, even when confronted with substantial risks. Link to report: https://lnkd.in/ghJTRNdA First Street physical climate risk data can assist banks in proactively addressing climate risk by providing property-specific exposure and damage impact reports to their whole portfolio. #ClimateRisk #ClimateChange #RiskMitigation #Banking #DataAnalysis #Banking

Thank you EPRI, the world's preeminent independent, non-profit energy research and development organization, for including us in your list of suggested wildfire and flood risk tools for the energy sector. ▶ Link to Wildfire Tool List: https://lnkd.in/etpRGAH7 ▶ Link to Flood Tool List: https://lnkd.in/gSp_-teU First Street's physical climate risk data provides the energy sector a comprehensive analysis of climate risks (Flood, Fire, Wind, Heat, and Air Quality) that can impact infrastructure and operations. Our property or location-specific data enables energy companies to proactively mitigate risks, optimize resource allocation, and ensure the resilience of their assets. #energysector #climaterisk #physicalclimaterisk #riskmanagement #sustainability

We are incredibly excited to announce a new partnership with Persefoni, a leading Climate Management & Accounting Platform (CMAP) for enterprises and financial institutions! This partnership integrates First Street’s advanced physical risk management capabilities into the Persefoni platform, providing enterprises with seamless access to location-based climate risk data for their assets. "Our collaboration with Persefoni represents a simplification for enterprise procurement, management, and compliance with climate regulations," said Matthew Eby, Founder and CEO of First Street. "By embedding access to our data into Persefoni’s comprehensive climate accounting platform, we’re providing a single solution for both physical risk and carbon accounting needs." 🤝 Full Announcement: https://lnkd.in/gsmAbGBC

We are incredibly excited to announce a new partnership with Persefoni, a leading Climate Management & Accounting Platform (CMAP) for enterprises and financial institutions! This partnership integrates First Street’s advanced physical risk management capabilities into the Persefoni platform, providing enterprises with seamless access to location-based climate risk data for their assets. "Our collaboration with Persefoni represents a simplification for enterprise procurement, management, and compliance with climate regulations," said Matthew Eby, Founder and CEO of First Street. "By embedding access to our data into Persefoni’s comprehensive climate accounting platform, we’re providing a single solution for both physical risk and carbon accounting needs." 🤝 Full Announcement: https://lnkd.in/gsmAbGBC

Since 1980, more than 360 weather disasters have each caused at least a billion dollars in damage. Among these, 62 were tropical cyclones, commonly known as hurricanes. Hurricanes have been the most destructive weather event, inflicting over $1.3 trillion in total damages, with an average cost of $22.8 billion per event. 📹 Watch the recording of our most recent webinar to understand how hurricane patterns are changing and the financial implications for homeowners and corporations alike. Featuring Climate Experts: Kerry Emanuel Ph.D, James Kossin Ph.D, Jeremy R. Porter, Ph.D., and Edward Kearns Ph.D

Don't miss out on this insightful discussion with Jeremy Hoffman, Ph.D. the Director of Climate Justice & Impact at Groundwork USA! Our Head of Climate Implications, Jeremy R. Porter, Ph.D., sat down with Jeremy Hoffman to discuss his most recent paper: "Long-term Effects of Redlining on Climate Risk Exposure." Watch for: ▶ The methodology (including First Street data) used to determine the long-term effects of redlining on climate risk exposure ▶ How redlining has contributed to environmental injustice and exacerbates climate risks in historically discriminated areas ▶ Some of the incredible work Groundwork USA does to combat climate injustice

Climate risk is driving millions of people from their homes. Our Head of Climate Implications, Jeremy R. Porter, Ph.D., collaborated writers at the The Associated Press to highlight the human side of climate migration in their recent article: "For shrinking Mississippi River towns, frequent floods worsen fortunes" The AP spent time in Mississippi to uncover the financial and cultural impact on residents. They found that climate risk is driving populations out of these communities. This includes the immediate threat of flooding and the long-term implications of repeated disasters on economic stability and community resilience. ▶ Read the full article: https://lnkd.in/gKvY_ZAQ First Street data provides insights on the impact of climate migration on property values, tax bases, labor force, and more. ▶ Learn more: https://lnkd.in/gjD6nUCk

New Congressional Budget Office Report featuring First Street's property-specific flood data: https://lnkd.in/gGMpQNEX 🔍 The report found that each $1 spent on flood mitigation yields an average of $2.69 in damage avoided. Read the full report to see how the report found policymakers can balance priorities such as the number of housing units adapted, damage prevented, and fair distribution across different community income levels.

Upcoming Webinar 📅 The Financial Impact of Shifting Hurricanes Patterns in our Changing Climate Register ➡ https://lnkd.in/g-52_D5q Rising climate risks, such as hurricanes along the Gulf and Atlantic Coasts, are putting immense pressure on insurance companies to cover escalating costs. This leaves homeowners and businesses in a precarious situation, teetering on the edge of crisis. Join First Street’s upcoming webinar to hear from a distinguished panel of experts on hurricane and climate implications. Join to learn: - How hurricane patterns have changed over the years and what factors contribute to this change - How to effectively forecast and model future hurricane behaviors and impacts - How increasing climate risk impacts homeowners, local economies, and has national financial implications - The steps regulators and other entities are taking to assess climate risk All registrants will be sent a recording of the webinar.

The Federal Reserve bank of Kansas City utilized First Street data in their latest research paper: "Flood Risk Exposures and Mortgage-Backed Security Asset Performance and Risk Sharing." The article analyzes: - How flood risks impact individual mortgage performance and underwriting - How flood risks correlate with MBS performance and structure It's great to see our data used in such impactful projects! Interested in the details of their findings? Full article linked below.