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Pari Sastry

@parisastry.bsky.social
688 followers 112 following 29 posts

Finance AP at Columbia GSB sites.google.com/view/parisastry Study climate finance, banks, insurance & mortgages Finance PhD @MIT Prev. at USTreasury, FSB_TCFD, BrookingsInst, NewYorkFed

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Pari Sastry @parisastry.bsky.social · 14/03/2025
Private companies use NOAA and USGS data extensively for modeling risks. NOAA weather alerts save lives. These are public goods. www.ft.com/content/33a4...
ft.com
Insurers warn that US weather agency mass firings will hit climate risk data
[FREE TO READ] Reinsurance trade group appeals to US commerce secretary Lutnick to preserve data collection after thousands of jobs axed
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Daniel Swain @weatherwest.bsky.social · 28/02/2025
The mass firing of both new hires and recently promoted senior staff within #NOAA, including mission-critical and life-saving roles at the National Weather Service (#NWS), is profoundly alarming. 1/11
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Pari Sastry @parisastry.bsky.social · 25/02/2025
Fed Vice Chair, Michael Barr: “Often the structure and regulation of insurance markets prevents risk from being appropriately priced, limiting the ability of market signals to influence development and adaptation in high-risk areas and contributing to the buildup of risks.” Bingo.
federalreserve.gov
Speech by Vice Chair for Supervision Barr on supervision and regulation
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David Roberts @volts.wtf · 17/02/2025
So ... what's waiting in the queues? Ah. emp.lbl.gov/queues
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Pari Sastry @parisastry.bsky.social · 08/02/2025
Spatial data folks… AER data editor saying that they’ve already seen impacts on census bureau shapefiles !! With some of these possibly being difficult to access or taken down. We have to archive everything! Maybe we should coordinate to create a source of archived data for researchers?
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Pari Sastry @parisastry.bsky.social · 16/01/2025
www.nytimes.com/2025/01/16/o... My coauthor Ishita and I wrote a piece that ran today in the NYT about how we need to have risk-based pricing in insurance & mortgages.
nytimes.com
Opinion | Our Insurance System Subsidizes Moves to Disaster Zones
Our policies encourage Americans to flock to areas particularly prone to climate-related disasters.
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Pari Sastry @parisastry.bsky.social · 09/01/2025
So sad to read about the fires. It may take months/yrs to recover. Climate losses are rising, with largely unknown implications for banks, insurers & HHs. This is why I get mad when academics imply that climate research is just "trendy". These issues are here to stay & we need to understand it.
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Pari Sastry @parisastry.bsky.social · 04/01/2025
Gambling for resurrection: Financially distressed oil companies drill using more toxic/polluting approaches. Judson Boomhower’s *amazing* JMP shows that forcing them to buy liability insurance ex-ante gets them to internalize these costs & thus reduce pollution. www.propublica.org/article/oil-...
propublica.org
The American Oil Industry’s Playbook, Illustrated: How Drillers Offload Costly Cleanup Onto the Public
Oil executive Tom Ragsdale walked away from his old wells, making the pollution left behind the state of New Mexico’s problem. His tactics, however, are ubiquitous in the industry.
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Pari Sastry @parisastry.bsky.social · 02/01/2025
Most of the major American banks (besides JPMC) have quit the Net Zero Banking Alliance - now Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are reportedly out. Importantly- they’ve all kept their interim decarbonization targets for 2030. www.bloomberg.com/news/article...
bloomberg.com
Morgan Stanley Follows Citi, BofA in Quitting Climate Group
Morgan Stanley terminated its membership of a major climate-banking group, joining a wave of Wall Street firms that recently quit a global alliance intended to aid the reduction of greenhouse-gas emis...
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Pari Sastry @parisastry.bsky.social · 31/12/2024
Going into 2025, reasons to be hopeful about #climate: Politics has changed the returns to greenwashing, but not green investment…as long as the IRA is preserved. Green jobs being in red states makes this likely IMO. + interest in permitting reform for transmission bottlenecks.
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Tyler Norris @tnorris.bsky.social · 30/12/2024
At nearly $3 billion, storm restoration costs for 2024 estimated by Duke Energy appear to be the highest for any US electric utility ever for a single storm season (Hurricane Sandy likely higher in aggregate, but not for one utility). Via S&P: www.spglobal.com/marketintell...
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Pari Sastry @parisastry.bsky.social · 23/12/2024
An interesting story! Strongly relates to our paper on on Fannie & Freddie, and insurance insolvency in Florida. A lot of people think they are fully insured, but find after the fact that their damages aren’t covered. Extremely sad. papers.ssrn.com/sol3/papers....
papers.ssrn.com
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Pari Sastry @parisastry.bsky.social · 11/12/2024
Happy to share my opinion piece with Stijn on how the GSEs should price climate risks, and the risks that emerge when they don't. www.marketwatch.com/story/your-h...
marketwatch.com
Your home insurance costs more in high-risk areas. Your mortgage should, too.
Fannie Mae and Freddie Mac don’t factor climate change into rates. More frequent floods, hurricanes and wildfires raise systemic default risk.
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Pari Sastry @parisastry.bsky.social · 08/12/2024
“All we imagine as light“ Is amazing. It’s a collaboration between Indian & European production houses + the first Indian film to win the Grand Prix at Cannes. Really visually stunning, with a compelling plot, & subtle but on-point political commentary (IMO). Best new film I’ve seen in a while.
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Ben Keys @benkeys.bsky.social · 01/12/2024
Mark Cuban gets it. See my op ed from last year: www.nytimes.com/2023/05/07/o...
nytimes.com
Opinion | Your Homeowners’ Insurance Bill Is the Canary in the Climate Coal Mine (Published 2023)
Wharton’s Ben Keys on how climate change is already reshaping the insurance and housing markets — and how our denial is only making the problem worse.
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