We Are All Angelenos

V.2, N.64

About a hundred miles to my west, the city of Los Angeles continues to burn. Climate fires have already consumed an area more than two times the size of Manhattan, destroyed 12,000+ homes, and sent tens of thousands of “climate refugees” looking for new places to live. The estimated cost, just thus far, is north of a quarter of a trillion dollars. Some displaced residents are moving to the Coachella Valley, where I live, which will stress our already tight housing market and dwindling supplies of fresh water. And the fires are not even remotely contained yet.

Pundits are working overtime to avoid talking about climate change. Mayor Karen Bass shouldn’t have been sightseeing abroad. The water systems for hydrants shouldn’t have been offline for repair. Forest management policies should be updated. The city’s jurisdictional powers are a mess. Yes, yes, yes, and yes—we need to fix and learn from every lapse in our disaster response. But here’s what we all need to concede: There is no local government in the United States, and possibly the world, that could have coped with a disaster of this scope.

We have entered a new era of unprecedented climate catastrophes, where more extreme hurricanes, tornadoes, floods, and wildfires will likely turn the lives of millions of Americans upside down. Hurricane Helene, which devastated Asheville, NC, also wreaked about a quarter of a trillion dollars of damage.

But here are the long-term costs. The housing crisis in the country, already causing record levels of homelessness, will likely worsen. An insurance crisis—more than six million U.S. homes lack insurance now—will spread as insurance companies pull out of regions most vulnerable to costly disasters. The border crisis, exacerbated by tens of millions of international refugees escaping unbearably hot countries, will also get worse, no matter how high we build our border walls.

Add to this a policy crisis. Next week, a new Administration takes hold in Washington led by dozens of fossil-fuel lobbyists who deny what most of us can plainly see. They will once again pull the United States out of the Paris Climate Accord. This is infuriating and tragic, but let’s be clear-eyed: National governments were never going to fix the climate crisis. Instead, it’s up to us—as consumers, as investors, as residents of local and state governments—to act as fast as possible to address the crisis ourselves.

Everything your community can do to reduce its carbon footprint—whether through renewable energy, regenerative agriculture, circular economy business models, resilient urban designs, you name it—can help, especially if shared with other communities worldwide. You don’t need permission from anyone. Our collective mantra needs to be to innovate locally and share globally. And the only way to accomplish this is to shift our capital into local investing as much as possible, as soon as possible.

Since mid-2021, we at The Main Street Journal have been sharing with you innovations in community capital—not just to make you and your community more prosperous but to prevent the planet from destroying itself. If you share our mission, please click below to become a paid subscriber (it’s the princely sum of $5 per month).

Below, you will see the many things our paying subscribers get. Perhaps the most important: Fresh links to articles on the latest interesting innovations in local finance. But many just like to come for our monthly conversations.

Here’s what paying members will find in this issue:

• The latest innovations in financing regenerative agriculture, including funds you can invest in now.

• Evidence that the conservative backlash against putting environmental, social, and governance (ESG) criteria into investments is beginning to weaken.

• An analysis of the performance of crowdfunding portals in 2024 by Kingscrowd suggests that despite consolidation in the industry, a number of mid-scale portals are beginning to prosper.

• A report on the incredible years cooperatives have had in the United Kingdom, where the new Labour Government plans to double the size of the sector.

• And an inspired report on the spread of local currencies in France, where researchers have documented the positive impacts on local jobs and social capital.

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Michael Shuman, Publisher

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The National Coalition for Community Capital (NC3) is dedicated to educating, advocating, and activating community capital—and serves as MSJ's fiscal sponsor. Thank you for being a part of a growing movement! Contact NC3 for support integrating local investing in your work: info@nc3now.org.

NC3 UPDATES AND ANNOUNCEMENTS

• Changing the Paradigm: Mobilizing Community Investment Funds - Community investment funds are the structures NC3 is building in communities across the nation to facilitate inclusive economies. Join us on March 7, 2025, in East Lansing, MI, to hear the insights from communities we're working in and to meet experts on a fund for your community. Register here today—early bird pricing ends Friday, January 17!

• Legislative Discussions - NC3 hosted its first discussion with community capital legislative experts and leaders. The group is committed to identifying core policy or regulatory changes to collaboratively work on to benefit the movement. Please let us know if you or someone you know would like to be a part of this work with us.