Is London’s business community prepared for climate change risks?

23 June 2014

This meeting took place on 24 June 2014. Read the transcript here.

What impact will climate change have on London’s economy? How will an increased risk of flooding, heatwaves and extreme weather events affect domestic and foreign markets?

The 2006 Stern Review [1] estimated climate change could reduce global GDP of between 5 and 20 per cent. However, recent revisions to climate scenarios by the Intergovernmental Panel on Climate Change (IPCC) may mean that this initial appraisal underestimated the true cost of climate change.

Although the physical risks to London’s businesses are relatively well documented, there is little evidence to show to what extent businesses are aware of and respond to these risks.

The London Assembly’s Economy Committee will meet tomorrow to examine how climate change is incorporated into business risk assessment strategy plans and how the Mayor and London Enterprise Panel could support increasing the capital’s economic resilience to climate change.

Guests include,

  • Professor Samuel Fankhauser, Co-Director of the Grantham Research Institute on Climate Change at the London School of Economics
  • Professor Chris Rapley CBE, chair of the London Climate Change Partnership
  • Daniel Dowling, Assistant Director of Climate Change and International Development at PwC
  • Nick Beecroft, Manager Emerging Risks and Research at Lloyd’s London
  • Michelle Hubert, Head of Energy and Climate Change at the Confederation of British Industry (CBI)

The Economy Committee has launched an investigation into climate change risks to London’s economy to establish best practice amongst the business community, in terms of risk assessment and adaptation strategies.

The meeting will take place on Tuesday, 24 June from 10.00am in Committee Room 5 (The Queen’s Walk, London SE1). Media and members of the public are invited to attend. The meeting can also be viewed via webcast.

 

Notes to editors

  1. The Stern Review on the Economics of Climate Change discusses the effect of global warming on the world economy. Published 30 October 2006
  2. Jenny Jones AM, Chair of the Economy Committee, is available for interview. See contact details below.
  3. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

For more details, please contact Alice Andrewartha in the Assembly Media Office on 020 7983 4603. 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, Greater London Authority, on 020 7983 4100.