The economic impact of global warming is already widely understood. New figures for the UK capital emphasise the duality of our crisis.
Heat Ready London Technical London is a new report commission by the Mayor of London and London Councils, looking specifically at the mounting costs of climate change on economies. According to this analysis, the metropolis is already losing out on £577 million per year due to soaring temperatures and their impact on public health and productivity.
However, with projections showing we are still in the early stages of extreme weather caused by the environmental crisis, this figure could leap to between £16 billion and £36 billion per year by 2050. London’s total GDP is currently around £618 billion, or approximately 22% of Britain’s total economic output, with the region considered the country’s most productive. As such any singificant reduction in this could have a serious impact on national finances.
In the past five years, Londoners have seen rail lines buckle due to high temperatures, healthcare data centres fail at Guy’s and St Thomas’ hospitals, causing disruption to patient appointments and treatment, leading to £1.4 million in unexpected spending. Water shortages are also becoming more severe as consumption has rocketed 50% during this time.
Excess deaths are already being widely reported as a result of the warming climate. This summer has seen record heat across England, with London in particularly suffering more than other major cities — breaking monthly record temperatures for May, June and August. Close to 2,900 fatalities are thought to have occurred as a result. However, 90% of these were triggered by temperatures that were below what most consider to be ‘extreme’: between 24 and 32C. This fact alone emphasises how dangerous Britain’s typical climate is now becoming.
‘This important report gives us the evidence and clear priorities needed to accelerate action to tackle extreme heat and the impacts of climate change . By adapting the homes and buildings most at risk, creating greener and shadier neighbourhoods and strengthening vital infrastructure, we can protect vulnerable Londoners, reduce inequalities and avoid far greater costs in the future,’ said Mete Coban, Deputy Mayor of London for Environment and Energy.
‘Heat Ready London builds on the London Climate Resilience Review, turning evidence into action,’ added Professor Emma Howard Boyd CBE, Chair, National Heat Risk Commission and former Chair of the London Climate Resilience Review. ‘But delivering it at the pace these health, economic and national-security risks demand means giving mayors statutory climate-resilience duties and funding that matches their growing powers—reaching the communities at greatest risk first.’
Image: Nikolay Kovalenko / Unsplash
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