LONDON, July 9 -- The government of the United Kingdom issued the following news:
The report,Economic Opportunities of Climate Adaptation for the UK,examines how growing demand for climate adaptation goods and services could support economic growth, strengthenresilienceand position UK businesses to compete in a rapidly expanding global market.
Climate change is already affecting the UK. During the record-breaking heatwave of 2022, temperatures exceeded 40degC for the first time, causing disruption to transport networks, pressure on healthcare services and wider impacts across the economy. As climate risks continue to increase, demand for products and services that help communities, infrastructure and businesses adapt is expected to grow significantly.
The report estimates thatcumulativeglobal spending on climate adaptationcould be around£3.5 trillion over the next decade.This presents a growth opportunity forinnovative solutions prepared to meet the complex challenges of building resilience.
Importantly,as thenewreport highlights,the UK is notstarting from scratch.Itidentifies648 adaptation-related solutions already being provided by UK firms across sectors including infrastructure, engineering, data and analytics, finance,insuranceand professional services.
Government Chief Scientific Adviser, Professor Dame Angela McLean said:
As climate impacts become more frequent, adaptation is becominganecessity. This report shows that it can also be an economic opportunity.The UK already has world-leading expertise in areas such as climate-risk analytics, insurance, engineering and advisory services. With the right ambition and investment, we can build resilience at home while helping UK businesses capture a share of a rapidly growing global market.
The reportconcludes by highlighting the key challenge areasfor the UK to realise the upper bounds of the market sizing forecast.Theseincludeestablishingclear standards,mobilising capital,building evidence in what interventions work, and strengthening routes to export markets for UK products.
Read the Economic Opportunities of Climate Adaptation for the UK
Disclaimer: Curated by HT Syndication.
