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Climate Price Index
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Climate Price Index

Climate change is repricing assets.
Most markets haven’t caught up.

From individual properties to REITs to the broader market, the price effect of climate change is real, measurable, and largely unpriced. CPI quantifies the gap — connecting climate hazard data, financial performance, peer-reviewed research, and SEC filings into a single intelligence system.

Enter the workspace →How it works ↓
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CPI Index
Repricing pressure index.
100 = 2021-Q1 baseline.
Under-Disclosing
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Peer Gap
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QoQ
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The problem

Climate risk is mispriced across
private and public markets

A multifamily property in a flood zone trades at the same cap rate as one on high ground. A REIT with coastal exposure carries the same cost of capital as one without. Research documents 3–7% valuation impacts that aren’t showing up in transaction prices.

The mispricing starts at the asset level and cascades: properties → portfolios → REITs → indices. CPI measures this gap by connecting climate hazard data, institutional property performance, 4,451 peer-reviewed papers, and SEC filing analysis across 2,646 companies.

repricing pressure = exposure × (1 − disclosure quality) × momentum

When exposure is high and the market hasn’t priced it in, pressure builds.
CPI tracks this pressure across asset classes, quarterly.
Ask anything

Ask an investment question. Get a grounded answer with basis point ranges, cap rate impacts, and cited research — not a score or a rating. Every claim links to the original paper.

CPI Research
❯ What is the cap rate impact of flood risk on Miami multifamily?
Key Finding
Flood risk is likely adding 40–150 basis points to cap rates for Miami multifamily assets in high-exposure zones, relative to comparable properties outside FEMA flood zones.
Pricing Signal Breakdown
Pricing ChannelCap Rate ImpactConfidenceStatus
Insurance premium escalation+30–70 bpsHighActively repricing
NFIP / Risk Rating 2.0+10–30 bpsModerateEmerging since 2023
Lender underwriting tightening+10–25 bpsModerateTightening in progress
Buyer risk premium+0–40 bpsLow–ModEarly / inconsistent
Total observed spread+40–150 bpsModeratePartially priced
Evidence Base
[1] Bernstein, Gustafson & Lewis (2019): SLR-exposed properties transact at ~7% discounts — roughly 30–60 bps of cap rate spread for multifamily.
[2] Baldauf, Garlappi & Yannelis (2020): Climate beliefs significantly affect transaction prices in exposed areas.
[3] Ouazad & Kahn (2022): Lender risk-shifting behavior post-flood, with GSE securitization rates rising.
Decision: Underwrite at least +75 bps above comparable non-flood-zone cap rates. Stress-test at +200 bps for hold periods >7 years.
Sources: FEMA Risk Rating 2.0 data, Bernstein et al. (2019), Baldauf et al. (2020), Ouazad & Kahn (2022), institutional property market data, CPI framework inference.
Where the gaps are

Mispricing isn't uniform. Sectors with the highest physical exposure have the widest gap between what research says and what markets reflect. These are where repricing pressure concentrates.

Utilities
Exposure0.90
Under-disclosing100%
Energy
Exposure0.88
Under-disclosing96%
Materials
Exposure0.76
Under-disclosing85%
Health Care
Exposure0.64
Under-disclosing58%
Financials
Exposure0.51
Under-disclosing25%
Info Technology
Exposure0.24
Under-disclosing3%
How it works

CPI isn't a score. It's an intelligence system that connects property-level climate exposure to market-level pricing signals through multiple independent data layers.

Research Library
4,451 peer-reviewed papers with 30,965 structured extractions. Effect sizes — basis points, cap rate spreads, NOI impacts — parsed from the literature and mapped to asset types and hazards.
Climate Hazard Data
Flood zones, wildfire perimeters, heat exposure, sea level projections, and storm surge models. Physical risk mapped to specific geographies and asset locations.
Financial Performance
Institutional property market returns, transaction data, and operating performance. Connects climate exposure to actual cap rate spreads, NOI compression, and valuation outcomes.
SEC Filing Analysis
Every 10-K and 10-Q from 2,646 companies scanned across five disclosure dimensions. Tracks how climate language evolves and where companies fall behind their exposure profile.
Autonomous Intelligence
A cognition layer continuously observes all data sources, forms beliefs about repricing patterns, and publishes insights as they emerge. The intelligence feed updates in real time.
Research Agent
Ask any climate-risk investment question. The agent searches across all data layers, synthesizes findings with cited sources, and produces investment-grade analysis in seconds.
Data foundation
2,646
Public companies tracked across all GICS sectors
23,263
SEC filings analyzed (10-K and 10-Q, 2009–2026)
4,451
Peer-reviewed papers with cited effect sizes
30,965
Structured research extractions

Every claim is verifiable. Every number is sourced.

Click a citation, read the paper, check the math. Take it to your investment committee.

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