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This report and brief provide improved estimates of the likely economic damages from climate change to the UK, highlighting where the greatest risks and need for adaptation are. These are translated into loss of socioeconomic welfare and reported as an equivalent loss of the UK’s GDP under two different policy scenarios – one in which current policies continue and another in which strong mitigation policies are put in place. Read more

Climate change impacts could cause damage to the UK equivalent to cutting the size of the economy by at least 7.4 per cent by the end of this century, unless there are stronger reductions in global greenhouse gas emissions, according to a report published today (30 May 2022) by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political Science. Read more

Adapting to climate change impacts and risks and improving how we manage them is crucial. Part of this lies in financing. In this post for the Sustainable Finance Leadership series, Emma Howard Boyd of the Environment Agency describes challenges and progress in financing climate resilience in the UK and the wider world. Read more

The authors of this paper argue that, despite their dominance in the economics literature and influence in public discussion and policymaking, the methodology employed by Integrated Assessment Models (IAMs) rests on flawed foundations, which become particularly relevant in relation to the realities of the immense risks and challenges of climate change, and the radical changes in our economies that a sound and effective response require. Read more

Analysing household data from 16 developing countries across Asia and Africa, this paper examines the landscape of access to and sources of financial services. The results shed new light on how insurance uptake could be increased through more tailored and targeted products and services that are designed to meet local needs and requirements in the face of climate and other shocks. Read more

The authors of this paper apply a newly developed insurance pricing model to two catastrophe model data sets relating to hurricane risk in two locations in the Atlantic basin, estimating ambiguity loads – the extra insurance premium due to ambiguity – and showing how these depend on the insurer’s attitude to ambiguity. Read more

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