Climate change could cost London extra £15bn a year, says report

The impacts of climate change will cost London up to £15bn a year by 2050 unless “drastic action is taken at all levels of government”, a new report warns.

More frequent and severe heatwaves, floods, and drought in the coming decades will affect Londoners’ health and finances, Central London Forward (CLF), a partnership of the 12 most central local authorities in the capital, said.

It is urging the Greater London Authority (GLA) to take action, such as creating more green spaces and reducing the impact of flooding.

City Hall said: “We are working closely with boroughs, health services, TfL, emergency services and community organisations to plan how to mitigate the effects of climate change.”

‘Urban Heat Island’

London has been particularly affected by record breaking temperatures of late, partly due to the Urban Heat Island (UHI) effect, which can make the city seem 10 degrees hotter than it is, due to the density of buildings trapping heat.

However, research suggests that creating more green spaces to combat this effect can be challenging for cash-strapped local authorities, especially as there are no statutory requirements around them.

CLF’s report also advised that social housing should be retrofitted to combat the heat, and said more needed to be done with London’s drainage solutions such as permeable paving which allows rainfall to soak into the ground to avoid flooding.