The Impacts of Climate Change on Asset Prices

One standard deviation shock across geography increases the cost of borrowing for a municipality by about 15 to 20 basis points on average. In case of companies, we find that the effect is strong primarily for sub investment-grade rated companies or junk rated companies. And finally, the effects are quite consistent between these two measures that I described, the C-glass method or the 427 measure. So we're out. If this heat stress is priced in, what impacts are you looking for in this data? What are we likely to see as an impact on asset prices?