Leading businesses with a combined turnover of nearly £200 billion have written to the FT, warning that climate change is due to make UK flooding more frequent and calling for urgent action from the Government.
Signatories to the letter, which was co-ordinated by the Aldersgate Group, are Allianz, Anglian Water, Atkins, Aviva, Interface, Johnson Matthey, Kingfisher, Lloyds Banking Group, Mitie, Navigators and Swiss Re.
The letter calls for prompt cross party political action to address the causes of climate change – the signatories believe that a far-sighted cross-party response is urgently needed.
While flood adaptation measures are critical, leadership is needed from all political parties to address the causes of climate change. Bold action will maximise investment and innovation to deliver resilience and future economic competitiveness - without which “the costs will continue to pile up.”
Andrew Raingold, Executive Director of the Aldersgate Group said:
"These floods were caused by the worst winter downpour in 250 years and the clean up bill is already on course to cost £1 billion. But adapting to the changing climate without addressing the root causes is like dishing out painkillers when we need major surgery. Political parties must come together to show leadership beyond the parliamentary cycle.”
On 10 February accountancy firm PwC revised up its forecast for the cost of flooding in December and January to £630m, including a £500m bill for the insurance industry and warned that it expected the estimated costs to rise further.
Talking to Guardian Sustainable Business last week, Oliver Dudok Van Heel, Director at Aldersgate Group, referred to estimates of a £14bn hit to the UK economy from the recent flooding.
Commenting on the Aldersgate Group letter, Friends of the Earth climate campaigner Guy Shrubsole said:
"Our politicians cannot ignore the growing pressure for urgent cross-party action on flooding and climate change anymore – this crucial issue has been kicked into the long grass for far too long.”
"With the floods already estimated to have cost the economy at least £600m, cutting flood defences is a false economy - and stopping climate change from getting worse is an absolute no-brainer.”
"All parties must convert their recent warm words on climate change into rapid action - committing to flood defence spending that keeps pace with rising seas, and redoubling efforts to cut emissions by powering up with clean, renewable energy."
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