|
|
| Conference | |
| About us Feedback Register Contact Advertise Editorial Finditforme | Publications Partners Links Discussions Quiz |
|
|
Channel Homepages
» Home
» Sustainable Business » Green Buildings » Contaminated Land » Water/Wastewater » Waste/Recycling » Energy/Carbon » edie Ireland » Sustainabilitylive! Site SponsorTo see all site sponsors, click here
Supplier Links» Energy Management» Environmental Monitoring and Analysis » Financial Services » Climate Change and Low Carbon |
8 July 2005 Costs of climate change damage set to rocketThe report, released by the Association of British Insurers (ABI), warns that costs in Europe from weather-related damages could rise by as much as US$150 billion every year, while the UK could see costs of US$40 billion a year from flooding alone. John Firth, Director of Climate Risk Management said: "This clearly demonstrates that there is sufficient certainty in the science to begin quantifying the risks." The report was prepared with leading insurance and reinsurance companies - Munich Re, Swiss Re, Lloyds Corporation, Aviva, ACE, Zurich, USS - and used modelling techniques from AIR Worldwide Corporation to calculate the costs of extreme weather. It highlights the importance of taking action now to reduce the inevitable impacts of climate change, through new building codes and improved design standards. "Businesses need to integrate climate risks into their strategic decision making processes to begin taking into account the costs of adaptation," Mr Firth added. The report was welcomed by Environment Secretary Margaret Beckett. Speaking at the launch of the report she said it brought the financial risks of climate change into sharper focus. "Set against the picture of spiralling costs, though, is the evidence that cutting emissions can avoid the greatest predicted damage costs and most of the premium increases. And it is by averting dangerous climate change altogether that we can best protect people and livelihoods from climate risks." The ABI report is the latest financial report on climate change ahead of the G8 summit starting this week in Gleneagles. Last week WWF and finance group Allianz teamed up to warn of the financial implications of global warming for the future (see related story). By David Hopkins
Source:
edie newsroom
This story is tagged with: climate change | extreme weather | global warming | insurance
Click a keyword to see more stories on that topic,
or view all related news?
 There are no comments - why not make one?You need to be logged in to make a comment. Don't have an account? Set one up right now in seconds! © Faversham House Group Ltd 2005. edie news articles may be copied or forwarded
for individual use only. No other reproduction or distribution is permitted without prior written consent.
|
 You are notlogged in » Log in here Why not register for your free weekly newsletter? Related Stories Exceptional levels of climate change could trigger volcanic eruptions, earthquakes and other geological catastrophes, say scientists.» Dozens die in Afghan floods A second wave of flooding has hit Afghanistan just a week after widespread flash floods left more than 60 dead and thousands homeless.» State of emergency declared as floods hit Kentucky Severe storms and flooding have claimed at least four lives in Kentucky, USA, and Governor Steve Beshear has recognised the situation as an official emergency as the southern state battens down the hatches. » Volcano ash crisis hits drilling and tapping The annual speed-plumbing showdown that sees water companies from across Britain and Holland pit their teams' skills against one other has been affected by the air travel lockdown.
Related Media» GE announce new fast charging pointsGE announced electric charging points that are four times as fast as standard ones at an event in Munich.
» Energy appraisals - what's involved and how to carry them outABB's latest video explaining how it can help you to maximise the efficiency of your installed motors and drives equipment by carrying out a site-wide energy appraisal.
» Carbon reductions with Global Action PlanEnvironment charity Global Action Plan has worked with edie.net to produce a series of green-themed advice videos. In the first installment how to reduce your carbon footprint.
» See more
|
Send to a friend
Link to this page
| Conference | |
| About us Feedback Register Contact Advertise Editorial Finditforme | Publications Partners Links Discussions Quiz |
» Discussion - Is back to the floor good business or just PR?
» Discussion - Is anaerobic digestion about to boom?