The Cost Of Climate Change Wrecking Your City | VICE on HBO

Summary

This Vice documentary explores the escalating costs and consequences of climate change, from Miami’s flooding real estate and rising insurance risks to global economic impacts. It highlights how fossil fuel companies like ExxonMobil privately acknowledged climate change decades ago but publicly sowed doubt, funding think tanks and lobbying efforts similar to Big Tobacco’s strategies. The film contrasts this with proactive actions by Norway’s Stat Oil, which implements carbon capture and supports environmental policies. It also examines political resistance in the U.S., including rollbacks of climate initiatives, and raises questions about corporate and governmental accountability for the environmental and financial damages caused by climate change.

Takeaways

• 🌊 Miami and other coastal cities are facing severe flooding due to sea level rise, putting high-value real estate and millions of homes at risk.
• 💰 The U.S. National Flood Insurance Program (NFIP) is heavily in debt due to increasing flood damage, highlighting the economic costs of climate change.
• 🏢 Some U.S. political leaders, including former Governor Rick Scott, have restricted the acknowledgment of climate change in official communications, slowing mitigation efforts.
• 🌍 Global cooperation, such as the Paris Agreement, aims to address climate change, but political changes in the U.S. have hindered progress.
• 🧪 Fossil fuel companies like ExxonMobil were aware of climate change decades ago but publicly downplayed or denied the science, similar to Big Tobacco's tactics.
• 💸 Oil and gas companies have funded think tanks, lobbyists, and political campaigns to create doubt about climate science and oppose regulations.
• 🛢 Some companies, like StatOil (Equinor), acknowledge climate change and actively implement carbon capture technologies, storing CO2 underground to reduce emissions.
• 📈 Carbon taxes are recognized as an effective economic tool to incentivize companies to reduce emissions and reflect the true social cost of fossil fuels.
• ⚖️ Legal investigations are underway to determine if companies like ExxonMobil misled shareholders and the public about climate risks, potentially leading to major financial accountability.
• 🔥 The U.S. political landscape, particularly under Trump-era leadership, included climate skeptics in key positions, slowing domestic and global climate action.
• 🔬 Despite overwhelming scientific consensus, public skepticism persists due to media strategies that present climate science as unsettled.
• 🏗 Rising sea levels are already prompting some companies and cities to adapt infrastructure, like raising oil platforms or investing in flood defenses.

Q & A

What is 'sunlight flooding,' and why is Miami particularly vulnerable to it?

Sunlight flooding occurs when seawater rises through porous ground without rainfall. Miami is vulnerable because its limestone foundation allows seawater to seep up from underground, causing flooding even on dry days.

How did Superstorm Sandy impact New York, and what role did Swiss Reinsurance play?

Superstorm Sandy caused $65 billion in damage, with waters rising up to 14 feet. Swiss Reinsurance had predicted such a scenario and prepared accordingly, unlike many others who were surprised by the storm's destruction.

What is the National Flood Insurance Program (NFIP), and what financial challenges does it face?

The NFIP, run by FEMA, provides affordable flood insurance to U.S. homes, including high-risk areas. It is currently $20 billion in debt because flood damages are increasing, and the program relies on federal subsidies to stay afloat.

How do Miami and Florida state policies differ in addressing climate change?

Miami's mayor is investing nearly half a billion dollars to mitigate rising sea levels. In contrast, Florida Governor Rick Scott banned climate change and global warming references in state documents, reflecting minimal statewide action.

What strategies have fossil fuel companies used to create doubt about climate change?

Fossil fuel companies, like Exxon, used public doubt campaigns, funded think tanks, and leveraged media to suggest climate science is unsettled, similar to Big Tobacco's tactics regarding smoking risks.

How did Exxon Mobil respond to internal climate research versus public statements?

Internally, Exxon conducted studies on climate change impacts, but publicly, they denied or questioned the reliability of climate science, misleading shareholders and the public about known risks.

What role has Stat Oil played in addressing climate change differently from other oil companies?

Owned by the Norwegian government, Stat Oil acknowledges climate change, supports international protocols like Kyoto, and uses technology to capture nearly 600,000 tons of CO2 annually from natural gas, setting a model for cleaner oil production.

How can carbon taxes influence corporate behavior regarding emissions?

Carbon taxes make emitting CO2 financially costly, incentivizing companies to reduce emissions through cleaner technologies or switching to renewable energy. They reflect the true social cost of carbon pollution.

What are the potential legal consequences for fossil fuel companies regarding climate misinformation?

Companies like Exxon Mobil face investigations for misleading shareholders and the public about climate risks, potentially leading to one of the largest lawsuits in history, similar to settlements against Big Tobacco.

How does the political landscape in the U.S. impact climate change policies?

With key positions held by climate skeptics, including President Trump, Secretary of State Rex Tillerson, and other officials, federal policies may roll back climate regulations, reject international agreements like the Paris Accord, and limit emissions-related action.

Why is climate denial compared to Big Tobacco’s strategy?

Both industries used misinformation, funding of third-party groups, and public denial to obscure scientific consensus and delay regulatory action, prioritizing profits over public health and environmental safety.

What evidence exists that oil companies were aware of climate change decades ago?

Internal research from Exxon and Shell, dating back to the 1980s, showed awareness of global warming and sea level rise, prompting operational adjustments like raising offshore platforms, despite public denial campaigns.