Environment Agency chair: Business unprepared for worsening weather

Failure to invest at scale in climate change mitigation and adaptation risks inducing global economic shocks, according to Environment Agency chair Emma Howard Boyd.

At the European Commission’s high-level conference on global sustainable finance on Thursday, she said that, “We are not reducing emissions fast enough and businesses, infrastructure, technology, and people are not prepared for weather impacts that we are certain will get worse in the next 11 years. It makes financial sense for our investments to meet both of these concerns.”

The prevalence of weather-related disasters has doubled over the past three decades, liable to “cause shocks to the global economy by suddenly changing the availability and price of goods,” Howard Boyd added.  She cited the example of drought in south-east Asia leading to export bans on rice, which in turn led to food riots in Dakar, as an example of the knock-on consequences of climate change.

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