The property of water that causes it to moderate the climate around lakes is its

Water high heat capacity.

Explanation:

Water high heat capacity is the ability of the water to be able to absorb high heat energy and this is brought about hydrogen bonding among water molecules.

Water high heat capacity causes it to moderate the climate around lakes by absorbing heat in the summer and slowly releasing hear in the winter. This high heat capacity of water that moderate climate around lakes is as a results from both the higher specific heat of water and heat mixing throughout a greater depth over the lakes.

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explanation: