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 According to a new report co-authored by The Climate Service, real estate investments are especially prone to climate risk, as the impact of climate-related damage from rising seas and storms along coastlines is projected to cost cities as much as $1 trillion each year by the year 2050.

“As climate risk assessment and reporting become mandatory and mainstream, the ability to understand and assess climate risk accurately and comprehensively will be critical and will confer a significant strategic advantage,” the report from The Climate Service and partner Nuveen Real Estate reads.

One of the findings: protecting green spaces throughout urban municipalities can significantly reduce the risk of extreme heat.