Pari Sastry
@parisastry.bsky.social
Finance AP at Columbia GSB
https://sites.google.com/view/parisastry/
Study climate finance, banks, insurance & mortgages
Finance PhD @MIT
Prev. at USTreasury, FSB_TCFD, BrookingsInst, NewYorkFed
https://sites.google.com/view/parisastry/
Study climate finance, banks, insurance & mortgages
Finance PhD @MIT
Prev. at USTreasury, FSB_TCFD, BrookingsInst, NewYorkFed
Private companies use NOAA and USGS data extensively for modeling risks. NOAA weather alerts save lives. These are public goods.
www.ft.com/content/33a4...
www.ft.com/content/33a4...
Insurers warn that US weather agency mass firings will hit climate risk data
[FREE TO READ] Reinsurance trade group appeals to US commerce secretary Lutnick to preserve data collection after thousands of jobs axed
www.ft.com
March 14, 2025 at 1:02 PM
Private companies use NOAA and USGS data extensively for modeling risks. NOAA weather alerts save lives. These are public goods.
www.ft.com/content/33a4...
www.ft.com/content/33a4...
Fed Vice Chair, Michael Barr: “Often the structure and regulation of insurance markets prevents risk from being appropriately priced, limiting the ability of market signals to influence development and adaptation in high-risk areas and contributing to the buildup of risks.” Bingo.
Speech by Vice Chair for Supervision Barr on supervision and regulation
www.federalreserve.gov
February 25, 2025 at 1:40 PM
Fed Vice Chair, Michael Barr: “Often the structure and regulation of insurance markets prevents risk from being appropriately priced, limiting the ability of market signals to influence development and adaptation in high-risk areas and contributing to the buildup of risks.” Bingo.
Reposted by Pari Sastry
February 17, 2025 at 11:36 PM
Spatial data folks… AER data editor saying that they’ve already seen impacts on census bureau shapefiles !! With some of these possibly being difficult to access or taken down.
We have to archive everything!
Maybe we should coordinate to create a source of archived data for researchers?
We have to archive everything!
Maybe we should coordinate to create a source of archived data for researchers?
We are seeing some impact on reproducibility efforts with the transition to the new US administration. For now, I suggest that you make backups of any data that required you to actively interact with the Federal government, as there may be a delay in response times.... #openscience
February 8, 2025 at 3:00 PM
Spatial data folks… AER data editor saying that they’ve already seen impacts on census bureau shapefiles !! With some of these possibly being difficult to access or taken down.
We have to archive everything!
Maybe we should coordinate to create a source of archived data for researchers?
We have to archive everything!
Maybe we should coordinate to create a source of archived data for researchers?
www.nytimes.com/2025/01/16/o...
My coauthor Ishita and I wrote a piece that ran today in the NYT about how we need to have risk-based pricing in insurance & mortgages.
My coauthor Ishita and I wrote a piece that ran today in the NYT about how we need to have risk-based pricing in insurance & mortgages.
Opinion | Our Insurance System Subsidizes Moves to Disaster Zones
Our policies encourage Americans to flock to areas particularly prone to climate-related disasters.
www.nytimes.com
January 16, 2025 at 1:34 PM
www.nytimes.com/2025/01/16/o...
My coauthor Ishita and I wrote a piece that ran today in the NYT about how we need to have risk-based pricing in insurance & mortgages.
My coauthor Ishita and I wrote a piece that ran today in the NYT about how we need to have risk-based pricing in insurance & mortgages.
So sad to read about the fires. It may take months/yrs to recover.
Climate losses are rising, with largely unknown implications for banks, insurers & HHs. This is why I get mad when academics imply that climate research is just "trendy". These issues are here to stay & we need to understand it.
Climate losses are rising, with largely unknown implications for banks, insurers & HHs. This is why I get mad when academics imply that climate research is just "trendy". These issues are here to stay & we need to understand it.
January 9, 2025 at 5:33 PM
So sad to read about the fires. It may take months/yrs to recover.
Climate losses are rising, with largely unknown implications for banks, insurers & HHs. This is why I get mad when academics imply that climate research is just "trendy". These issues are here to stay & we need to understand it.
Climate losses are rising, with largely unknown implications for banks, insurers & HHs. This is why I get mad when academics imply that climate research is just "trendy". These issues are here to stay & we need to understand it.
Gambling for resurrection: Financially distressed oil companies drill using more toxic/polluting approaches.
Judson Boomhower’s *amazing* JMP shows that forcing them to buy liability insurance ex-ante gets them to internalize these costs & thus reduce pollution.
www.propublica.org/article/oil-...
Judson Boomhower’s *amazing* JMP shows that forcing them to buy liability insurance ex-ante gets them to internalize these costs & thus reduce pollution.
www.propublica.org/article/oil-...
The American Oil Industry’s Playbook, Illustrated: How Drillers Offload Costly Cleanup Onto the Public
Oil executive Tom Ragsdale walked away from his old wells, making the pollution left behind the state of New Mexico’s problem. His tactics, however, are ubiquitous in the industry.
www.propublica.org
January 4, 2025 at 3:58 PM
Gambling for resurrection: Financially distressed oil companies drill using more toxic/polluting approaches.
Judson Boomhower’s *amazing* JMP shows that forcing them to buy liability insurance ex-ante gets them to internalize these costs & thus reduce pollution.
www.propublica.org/article/oil-...
Judson Boomhower’s *amazing* JMP shows that forcing them to buy liability insurance ex-ante gets them to internalize these costs & thus reduce pollution.
www.propublica.org/article/oil-...
Most of the major American banks (besides JPMC) have quit the Net Zero Banking Alliance - now Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are reportedly out.
Importantly- they’ve all kept their interim decarbonization targets for 2030.
www.bloomberg.com/news/article...
Importantly- they’ve all kept their interim decarbonization targets for 2030.
www.bloomberg.com/news/article...
Morgan Stanley Follows Citi, BofA in Quitting Climate Group
Morgan Stanley terminated its membership of a major climate-banking group, joining a wave of Wall Street firms that recently quit a global alliance intended to aid the reduction of greenhouse-gas emis...
www.bloomberg.com
January 2, 2025 at 10:43 PM
Most of the major American banks (besides JPMC) have quit the Net Zero Banking Alliance - now Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are reportedly out.
Importantly- they’ve all kept their interim decarbonization targets for 2030.
www.bloomberg.com/news/article...
Importantly- they’ve all kept their interim decarbonization targets for 2030.
www.bloomberg.com/news/article...
Reposted by Pari Sastry
Good way to start the New Year:
@katharinehayhoe.com's Climate + Finance starter pack bsky.app/starter-pack...
@katharinehayhoe.com's Climate + Finance starter pack bsky.app/starter-pack...
January 1, 2025 at 10:08 PM
Good way to start the New Year:
@katharinehayhoe.com's Climate + Finance starter pack bsky.app/starter-pack...
@katharinehayhoe.com's Climate + Finance starter pack bsky.app/starter-pack...
Going into 2025, reasons to be hopeful about #climate:
Politics has changed the returns to greenwashing, but not green investment…as long as the IRA is preserved. Green jobs being in red states makes this likely IMO. + interest in permitting reform for transmission bottlenecks.
Politics has changed the returns to greenwashing, but not green investment…as long as the IRA is preserved. Green jobs being in red states makes this likely IMO. + interest in permitting reform for transmission bottlenecks.
December 31, 2024 at 4:01 PM
Going into 2025, reasons to be hopeful about #climate:
Politics has changed the returns to greenwashing, but not green investment…as long as the IRA is preserved. Green jobs being in red states makes this likely IMO. + interest in permitting reform for transmission bottlenecks.
Politics has changed the returns to greenwashing, but not green investment…as long as the IRA is preserved. Green jobs being in red states makes this likely IMO. + interest in permitting reform for transmission bottlenecks.
Reposted by Pari Sastry
At nearly $3 billion, storm restoration costs for 2024 estimated by Duke Energy appear to be the highest for any US electric utility ever for a single storm season (Hurricane Sandy likely higher in aggregate, but not for one utility). Via S&P: www.spglobal.com/marketintell...
December 30, 2024 at 3:22 PM
At nearly $3 billion, storm restoration costs for 2024 estimated by Duke Energy appear to be the highest for any US electric utility ever for a single storm season (Hurricane Sandy likely higher in aggregate, but not for one utility). Via S&P: www.spglobal.com/marketintell...
An interesting story! Strongly relates to our paper on on Fannie & Freddie, and insurance insolvency in Florida. A lot of people think they are fully insured, but find after the fact that their damages aren’t covered. Extremely sad.
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
December 23, 2024 at 7:59 PM
An interesting story! Strongly relates to our paper on on Fannie & Freddie, and insurance insolvency in Florida. A lot of people think they are fully insured, but find after the fact that their damages aren’t covered. Extremely sad.
papers.ssrn.com/sol3/papers....
papers.ssrn.com/sol3/papers....
Happy to share my opinion piece with Stijn on how the GSEs should price climate risks, and the risks that emerge when they don't.
www.marketwatch.com/story/your-h...
www.marketwatch.com/story/your-h...
Your home insurance costs more in high-risk areas. Your mortgage should, too.
Fannie Mae and Freddie Mac don’t factor climate change into rates. More frequent floods, hurricanes and wildfires raise systemic default risk.
www.marketwatch.com
December 11, 2024 at 1:57 PM
Happy to share my opinion piece with Stijn on how the GSEs should price climate risks, and the risks that emerge when they don't.
www.marketwatch.com/story/your-h...
www.marketwatch.com/story/your-h...
“All we imagine as light“ Is amazing. It’s a collaboration between Indian & European production houses + the first Indian film to win the Grand Prix at Cannes. Really visually stunning, with a compelling plot, & subtle but on-point political commentary (IMO). Best new film I’ve seen in a while.
December 8, 2024 at 3:39 PM
“All we imagine as light“ Is amazing. It’s a collaboration between Indian & European production houses + the first Indian film to win the Grand Prix at Cannes. Really visually stunning, with a compelling plot, & subtle but on-point political commentary (IMO). Best new film I’ve seen in a while.
Reposted by Pari Sastry
December 1, 2024 at 10:27 PM