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Today (Monday 17 January) the UK Government has published the UK’s Third Climate Change Risk Assessment.
This assessment was created with the aim to ensure the UK has a strong plan in place to face climate change and make suitable amends to protect our planet.
The five-year assessment, delivered under the Climate Change Act 2008 and following close work with the Climate Change Committee (CCC), identifies the risks that climate change poses to multiple parts of our society and economy.
Including either primary risks, as well as economic impact, the cost of climate change could amass to over £1 billion per year by 2050. Temperatures are also expected to rise by 2°C, with the cost of climate change to the UK increasing to at least 1% of GDP by 2045.
The good news is that there is already a plan in place that has been undertaken by the UK government. The plan includes funding over £5 billion in flood defences, an investment of £750 million on nature restoration and woodland creation, and developing research and plans around climate change knowledge.
As well as broad investments to help mitigate the impacts of climate change, the Government is continuing work on their ‘Green Finance Strategy’ to further invest in and integrate environmentally friendly, sustainable, and green businesses and energy solutions within the UK.