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Ranking Members Waxman and
In the letter the members wrote, "The S&P report makes it clear that the costs of inaction on climate change are enormous. The impacts will be large enough to adversely affect the credit ratings of entire countries. We urge you to hold a hearing with Standard and Poor's Rating Services to examine these impacts."
The full text of the letter is available below and online here.
Dear Chairman Upton and Chairman Whitfield:
Standard and Poor's Rating Services (S&P) recently released a report warning that climate change will put downward pressure on the sovereign credit ratings of countries around the world. We are writing to request a hearing on this eye-opening report.
In its report, S&P explains how climate impacts, such as the increasing frequency and destruction of severe weather events, could affect the credit ratings of sovereign states. The report points to data from reinsurer
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