This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742
A collection of essays on mining and economic development in California from the Gold Rush through the end of the 19th century. This is the second in a series of four volumes comemmorating the state's sesquicentennial.
The Peninsula Watershed has been integral to the story of San Francisco's growth ever since the Gold Rush. The rapid influx of settlers to San Francisco during the Gold Rush spurred a sudden demand for a reliable water source, which led to the formation of the Spring Valley Water Works (later purchased by the Spring Valley Water Company [SVWC]) in 1858 (Hanson 2005 ). Over the subsequent 70 years, SVWC bought up large swaths of land on the Peninsula, and constructed a complex system of dams, tunnels, and pipes to capture and transport water to San Francisco. Within the Peninsula Watershed, this system includes the Crystal Springs and San Andreas reservoirs, located in the San Andreas Creek, Laguna Creek, and Upper San Mateo Creek basins along the San Andreas Fau The City of San Francisco purchased SVWC in 1930, and today the Peninsula Watershed, managed by the San Francisco Public Utilities Commission (SFPUC), continues to be a key source of water for San Francisco and for other communities in the South and East Bay. Despite the past 150 years of reservoir construction and other hydrologic modifications, the construction of transportation and utility corridors, and the large-scale suburban development that has occurred to the east, the Peninsula Watershed has remained largely undeveloped and is managed to protect water quality, water supply, wildlife habitat, and a range of other natural and cultural resources. The watershed supports some of the largest intact remnants of contiguous habitat in the region, including extensive oak woodlands, old-growth Douglas-fir forests, serpentine grasslands, chaparral, and coastal scrub. Over the past 250 years since Spanish explorers first set foot on the watershed, however, changes in disturbance regimes and other large-scale anthropogenic modifications, including fire suppression, homesteading, livestock grazing, agriculture, tree planting, introduction of plant pathogens, spread of invasive species, and climate change, have altered vegetation dynamics and changed the distribution and structure of vegetation communities throughout the watershed. The changes have raised many questions about the historical ecology of the watershed: What was the extent, distribution, and composition of terrestrial, riparian, and wetland habitats prior to Euro-American modification? How have vegetation distributions changed over the past two centuries, and what are the implications of those changes for species support? Are there remnant patches of relatively unmodified habitat present in the watershed, or areas that are currently in a state of recovery? Where are current habitat characteristics most similar to or different from historically documented conditions? How have key natural and anthropogenic disturbance regimes and processes changed over time? The Peninsula Watershed Historical Ecology Study aims to advance understanding of landscape conditions of the Peninsula Watershed prior to major Euro-American modification, and to provide insights into the nature and drivers of vegetation change since the first Spanish explorers set foot in the watershed 250 years ago. The primary goal of the research was to examine the historical extent, distribution, and composition of terrestrial vegetation types and their trajectories of change within the watershed. To the extent possible, research also addressed historical riparian, wetland, and estuarine habitats; hydrology and sediment dynamics; wildlife support; land use history; and a range of other topics.