Adaptation
The world is already facing damaging impacts from climate change at the current 1.25°C increase in global temperatures. Further climate change is inevitable. Even if the world makes a successful transition to net zero by 2050, society will face significant and growing challenges – including increased flooding, heat stress, droughts, and nature loss. Climate change is a whole world problem so the solutions must come from every sector, but the UK finance sector has the potential to be game-changing.
Financial institutions, together with our world-leading engineers, scientists and technology, are well positioned to address these challenges and support the transition to prosperous, secure and climate resilient economies. The failure to grasp the opportunity that climate adaptation brings will result in a total lack of readiness when it comes to facing the severe impacts of climate change.
This was the clear message of the Climate Change Committee (CCC)’s 2023 progress report on adapting to climate change: “Our assessment has found very limited evidence of the implementation of adaptation at the scale needed to fully prepare for climate risks facing the UK across cities, communities, infrastructure, economy and ecosystems”.
Responding to events and repairing damage is much more costly than investing in resilience measures. Taking the lead on climate adaptation to drive climate-ready economies will drive positive social and economic outcomes.
