September 30th, 2023
As New York City experiences intense rainfall, it is instructive to look at Staten Island and one of the really successful measures that has been accomplished: the blue belt network. It’s a really great solution for handling intense rainfall and filtering water and water quality and biodiversity. But it’s not the kind of thing that works everywhere, because it needs a fair amount of space, but cities need to apply similar creativity to find solutions that can be more rapidly implemented:
Bluebelts are ecologically rich and cost-effective drainage systems that naturally handle the runoff precipitation that falls on our streets and sidewalks. Originally implemented in Staten Island, the program preserves natural drainage corridors including streams, ponds, and wetlands, and enhances them to perform their functions of conveying, storing, and filtering runoff precipitation or stormwater. In addition to being an excellent mechanism for reducing urban flooding and improving the health of local waterways, Bluebelts also provide open green space for their communities and diverse habitat for wildlife since they are not constricted by closed pipes or underground infrastructure like traditional storm sewers. As New York City prepares for rising sea levels and heavier rains due to climate change, Bluebelts offer a natural and effective solution for stable and sound stormwater management.
'Black Swans' are highly improbable events that come as a surprise, have major disruptive effects, and that are often rationalized after the fact as if they had been predictable to begin with. In our rapidly warming world, such events are occurring ever more frequently and include wildfires, floods, extreme heat, and drought.
'Green Shoots' is a term used to describe signs of economic recovery or positive data during a downturn. It references a period of growth and recovery, when plants start to show signs of health and life, and, therefore, has been employed as a metaphor for a recovering economy.
It is my hope that Black Swans / Green Shoots will help readers understand both climate-activated risk and opportunity so that you may invest in, advise, or lead organizations in the context of increasing pressures of global urbanization, resource scarcity, and perils relating to climate change. I believe that the tools of business and finance can help individuals, businesses, and global society make informed choices about who and what to protect, and I hope that this blog provides some insight into the policy and private sector tools used to assess investments in resilient reinforcement, response, or recovery.