Newport Resilience fights back against the rising tide…and wind…and rain
This blog post first appeared in Newport This Week, Thursday June 27, 2024
It’s no secret the rise in severe weather is impacting Newport. Storms across Rhode Island are getting stronger and more frequent. And where NOAA predicts 25 named Atlantic storms this season, including 12 hurricanes, we’re very likely to see more strong storms ahead.
The costs of severe weather are also rising, here in Newport and around the country. The US experienced 28 climate disasters in 2023 each one causing more than $1 billion in damage. In January 2024, The Economist projected homeowners face $25 trillion in damage from severe weather in the decades ahead, and The World Bank estimates nations now need to spend $4-5 trillion in annual climate repair and resilience. Federal agencies are as financially strained as local budgets trying to respond to this new normal weather.
But a team of high-tech entrepreneurs from Newport is fighting back.
Many readers are familiar with Carbon Offsets which promised to reduce carbon levels in the atmosphere, a leading cause of climate change. But Carbon Offsets are simply not working as promised so many people and corporations that once invested in them are looking for other forms of offset. Newport Resilience offers exactly that new ‘offset’.
Newport Resilience, a 501c3 Rhode Island nonprofit, is powered by the Climate Resilience Offsets technology platform. Its mission is to streamline the flow of private capital, corporate philanthropy, and consumer donations to offset the rising costs of severe weather on communities. Unlike Carbon Offsets, Climate Resilience Offsets are directed to tangible projects delivering immediate impact, measurable results, and lasting benefits. Projects such as Easton’s Beach renourishment, Cliff Walk repair, North End tree planting, and the like might all be eligible to receive funds from Newport Resilience.
The Boston Consulting Group stated that innovative climate resilience financing is vital for both planetary survival and economic potential, highlighting the dual benefits of sustainability and economic benefit on local economies. Responding to climate change will require, says Bill Gates, “…significant financial resources and innovative approaches, particularly from private investors to scale up these innovations effectively.”
Newport residents and businesses can help Newport Resilience scale up at no cost to you. Simply support the awareness campaign which seeks to educate the four million people who visit Newport each year about the need for local climate resilience, and direct them to Newport Resilience should they choose to make a voluntary donation. The more support from locals the more money can be raised to offset the costs of climate change to Newport residents and businesses. Thanks to our early supporters Stoneacre, RIHub, RICommerce, Frank Antonio Hair & Makeup, BMW of Newport, The Sailing Museum, InnSure, and Mother Pizzeria.
If you are a visitor reading this letter and enjoying the City by the Sea we hope you will consider supporting Newport Resilience with a tax-deductible donation today.
Newport Resilience – Offsetting the cost of climate change in the City by the Sea. >> https://www.climateresilienceoffsets.org/newportresilience
Thank you,
The Climate Resilience Offsets Board
