'Extreme weather risks already threaten utility stocks — and are set to rise in frequency and intensity over time — but are not fully priced in.'
US utilities are at increasing risk of damage to their plants and stock price as climate change ups the likelihood of extreme weather events.
Utilities which fail to prepare for climate change related increases in extreme weather events trade at a discount and could impact investors in the long term, according to BlackRock research.And investing gurus are sounding the alarm for investors about the looming impact on publicly owned US utilities, which looks to bear the brunt of changes in the earth's climate.
"Electric utilities with exposure to extreme weather events typically suffer temporary price and volatility shocks in the wake of natural disasters," BlackRock said.Raj Thamotheram, who formerly led environmental, social and governance investing at pension fund USS, said investors in utilities and other energy producers could face"significant portfolio damage" as a result of the sector's"willful blindness" and failure to take action on climate risk.
But this may change going forward. 20 investors with around $1.8 trillion under management wrote to US utilities last month to urge them to decarbonize and upgrade systems, saying that the world was on a path to"climate disaster."
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