Coastal cities agree record flood-defence funding
Twelve port cities have committed a combined $48 billion to sea walls, drainage and wetland restoration over the next decade.
The short answer
- Who: Twelve port cities and two development banks.
- What: $48 billion for flood defence through 2036.
- Why now: Insurers report rising storm-surge losses each year.
- Next: First contracts are due to be tendered in January.