Businesses should follow the Bank of England on climate change risks.

05 December 2014

The Bank of England is conducting an inquiry into the risk of a ‘carbon bubble’ causing a major economic crash. Will future climate change rules and restrictions render fossil fuel companies’ assets in coal, oil and gas worthless? Some large firms and business groups are already adapting to climate change risks, with many exploiting new opportunities like demands for adaptation goods and services. On the other hand, smaller firms are less likely to have plans in place, mainly due to a lack of capacity, resources and skills. The London Assembly Economy Committee is assessing whether the Mayor and the London Enterprise Panel (LEP) are doing enough to support London’s businesses face the challenges and opportunities ahead. To get this important conversation started, the business community is sharing knowledge and best practice at a climate change impact seminar at City Hall. Organised by the London Assembly Economy Committee, in partnership with Team London Bridge, the seminar panel will include PwC, ShareAction, Centre for Cities and the Environment Agency. The Economy Committee is asking stress test questions of the Mayor and LEP, including:

Have the Mayor and LEP identified the main business opportunities in the climate change adaptation sector?

How are the Mayor and the LEP incorporating climate change risks into their economic strategies for London?

How can London address the shortage of skills needed for climate change adaptation?

Jenny Jones AM, Chair of the Economy Committee said: “Climate change will impact our economy and the Bank of England’s inquiry shows that it is taking these risks very seriously. Investments, businesses and jobs are all threatened and we need to make sure businesses have plans in place, regardless of their size. The risks also create new opportunities for London firms, big and small, so what is being done to make sure London takes advantage and isn’t left behind? London should be leading the way globally in terms of its climate change strategies and real leadership is needed in this area.” Notes for editors:

Jenny Jones AM, Chair of the Economy Committee is available for interview – see contact details below.

The impact of climate change on London’s economy – summary of views and information (below).

Team London Bridge is the Business Improvement District (BID) for the London Bridge area.

The Conservative Group accept that this accurately reports the proceedings but they do not necessarily support the conclusions.

Photo credit: Garry Knight

As well as investigating issues that matter to Londoners, the London Assembly acts as a check and balance on the Mayor.

For more details, please contact Lisa Lam in the Assembly Media Office on 020 7983 4067. For out of hours media enquiries please call 020 7983 4000 and ask for the Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit, on 020 7983 4100.