London’s economy is at risk… from extreme weather

And businesses haven’t planned for it

One of the big risks to the London economy is extreme global weather – and what’s more, most businesses are not prepared for it.

Only 54% of FTSE 100 comapnies have a business adaptation strategy in place to cope with problems caused by extreme weather.

A London Assembly Economy Committee report called Weathering the Storm has outlined the real risks of meteorological disasters in other parts of the world.

“Too little is being done to understand and prepare for the potential costs of climate change. London faces a great unknown when it comes to how our supply chains and economy will be hit by extreme weather events,” it said.

“For example, the damage from the 2011 floods in Thailand, where IT component parts are made, meant much higher prices across the global IT industry, including in London. A much worse situation would be if too many harvests failed and affected our food supply.

“Detailed work is absolutely essential to secure London’s future economic prosperity. We need to diversify London’s economy and further invest in our green economy. That way, our city will be stronger and more resilient whatever the level of future global warming.”

NOW READ:

Cement Lorry

Exclusive: ban rush-hour trucks “building yuppie flats for Russian oligarchs”, says mayoral candidate

The Financial Times

Pearson in “advanced” talks to flog Financial Times to a global digital news company

Social Bookmarks