You may have noticed in recent years that the weather in Texas, particularly in Laredo, has gotten worse over the years. The amount of severe storms has increased, which has led to an increase in flooding and other issues. Now, the Federal Reserve Bank of Dallas is warning that climate change is to blame, and it could affect the future of Laredo.
Storms like Hurricane Harvey that Texas experienced in 2017 might just be the tip of the iceberg if the climate continues down the path it has been says Robert Kaplan of the Reserve Bank. “As a central banker, I do not delve into the political and other controversial aspects of this subject,” he said. “However, I do intently focus on the ways severe weather events and climate-related trends are likely impacting economic conditions and financial stability.”
Since 2010, Laredo has had records for flooding broken on multiple occasions. Kaplan added that the amount of flooding, the impact that it can have on irrigation and companies having to restore buildings might be too much. This could cause businesses to leave the area, making a negative impact on Laredo.
“In order to improve our sustainability leadership and enhance our insight into these matters, the Dallas Fed has established a sustainability initiative intended to reduce our own greenhouse gas emissions and empower our employees to take actions,” Kaplan said. Now, he’s hoping that Laredo and other Texas cities will follow suit.