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What happened: Global demand for sand, a key ingredient in construction, is outpacing its natural replenishment, leading to a global sand crisis. This is exacerbated by climate change, which is causing sea levels to rise and threatening coastal cities. In the Maldives, capital Malé is at risk due to both population growth and sea level rise. In the UK, millions of homes in London, Essex, and Kent are vulnerable to climate-related subsidence.

Market impact: The construction and real estate sectors are significantly affected. Sand is a crucial raw material, with the global market valued at over $10 billion. Shortages could drive up construction costs, impacting developers and homebuilders. Real estate values in vulnerable coastal areas may also decline due to increased risk of flooding and subsidence.

What to watch next: The upcoming IPCC report on climate change adaptation (expected in March 2022) will provide insights into the severity and urgency of coastal threats. Additionally, watch for any policy responses from governments, such as increased investment in coastal defenses or regulations on sand mining. Lastly, monitor the financial performance of construction companies and real estate investment trusts (REITs) with significant exposure to coastal markets.