Climate change could cost London up to £36 billion per year by the 2050s, according to a report published by the Mayor of London’s office and the city’s councils. Lost working hours, business disruption and infrastructure damage caused by extreme weather in a warmer climate are expected to reduce the capital’s GDP over the coming decades. One heat wave in June 2022 cost the British economy £1.15 billion, and the summer 2022 heat waves cost the city £1.5 billion. The report recommends adapting buildings, adjusting working hours and investing in air conditioning for public transport, with the cost of retrofitting the most vulnerable homes estimated at between £9 billion and £45 billion.
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