Can Investors Price the Risk? Assessing Municipal Bond Climate Disclosure and Financial Resilience

New analysis reveals critical gaps in how municipal issuers disclose and manage climate-related financial risks

Climate risks are increasingly affecting municipal finances, yet bond disclosures often fail to give investors the information they need to assess and price those risks. This first-of-its-kind Ceres report analyzes 60 recent bond offerings across 20 high-risk U.S. metropolitan areas, revealing significant gaps in climate disclosure and resilience reporting.