InsuranceNewsNet.com is about to get a Fresh New Look! Check out our beta site »
Committee on Energy and Commerce
Rep. Henry A. Waxman, Ranking Member
June 3, 2014
Karen Lightfoot (Waxman): (202) 225-5735
Debra Johnson (Rush): (202) 225-4372
Ranking Members Waxman and Rush Call for Hearing on S&P Report on Climate Change
WASHINGTON, DC- Today Ranking Member Henry A. Waxman and Energy and Power Subcommittee Ranking Member Bobby L. Rush sent a letter to Chairmen Fred Upton and Ed Whitfield to request a hearing on a recent report from Standard and Poor's Rating Services warning about the climate impacts on sovereign credit ratings on countries around the world. The report finds that the poorest countries will be disproportionately impacted.
In the letter the members wrote, "The S&P report makes it clear that the costs of inaction on climate change are enormous. The impacts will be large enough to adversely affect the credit ratings of entire countries. We urge you to hold a hearing with Standard and Poor's Rating Services to examine these impacts."
The full text of the letter is available below and online here.
The Honorable Fred Upton
2125 Rayburn House Office Building
Washington, D.C. 20515
The Honorable Ed Whitfield
Subcommittee on Energy and Power
Washington, D.C., 20515
Dear Chairman Upton and Chairman Whitfield:
Standard and Poor's Rating Services (S&P) recently released a report warning that climate change will put downward pressure on the sovereign credit ratings of countries around the world. We are writing to request a hearing on this eye-opening report.
In its report, S&P explains how climate impacts, such as the increasing frequency and destruction of severe weather events, could affect the credit ratings of sovereign states. The report points to data from reinsurer Munich Re showing that "weather-related loss-events have risen in all continents, most significantly in Asia and North America, where they increased more than fourfold" since the early 1980s.