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London Faces £36B Annual Climate Hit by 2050s
20 Aug
Summary
- Climate change could cost London up to £36 billion annually by the 2050s.
- Extreme weather events will disrupt businesses and damage infrastructure.
- Lost working hours will significantly reduce the capital's GDP.
Climate change poses a significant economic threat to London, with projections indicating annual costs as high as £36 billion by the 2050s. This forecast comes from a report by the Mayor of London's office.
The economic toll will stem from a variety of climate-related impacts. Extreme weather events, becoming more frequent and intense in a warmer climate, are anticipated to disrupt normal business operations across the capital.
Furthermore, damage to essential infrastructure is a key concern, requiring extensive repairs and impacting public services. These factors, combined with anticipated losses in working hours, are expected to cumulatively reduce London's gross domestic product (GDP).
