The world's largest investor says a $3.8 trillion market faces growing climate change risk

"Climate-related risks already threaten portfolios today, and are set to grow, we find," strategists at the BlackRock Investment Institute wrote in a report this week, honing in on the massive US municipal bond market could face as the planet warms.

States, cities, counties, and other government bodies issue municipal bonds — often called"munis" — to fund projects like building schools and highways. The muni bond market works in a similar fashion to the US Treasury market in the debt instruments it offers investors, but it does so on a smaller scale. Another key difference between the two markets is the interest paid on muni bonds, which are generally exempt from federal taxes.

Researchers at the firm highlighted expected shifts in economic activity under a"no climate action" scenario that assumes the ongoing use of fossil fuels.

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