Climate rated damage could cost London up to £36bn a year by the 2050s, a report is warning.

The report has been published by Mayor of London Sadiq Khan and London Councils, which represents Boroughs in the capital, and details the expected damage and strain on businesses, homes and public services due to extreme weather conditions.

Lost working hours, reduced productivity, disruption and damage to infrastructure and buildings are among the extra costs businesses in the capital face.

Meanwhile, health and emergency services face greater pressures, warns the report.

It estimates that high temperatures are already costing London £577m a year in lost productivity.

Buckled rails in the heat are also already causing cancellations and speed restrictions to further damage businesses in the capital, adds the report.

The Mayor’s and London Councils’ report Heat Ready London Technical Report has been published to provide evidence behind Sadiq Khan’s June released Heat Ready London report on how the capital can adapt to rising temperatures.

“The climate crisis is on our doorstep,” said Khan.

“It is already threatening Londoners’ lives, disrupting vital services and costing our economy hundreds of millions of pounds.

He added: “Without further action, climate change could cost London as much as £36 billion a year by the 2050s. We must create cooler homes and buildings, greener and shadier neighbourhoods, and infrastructure that can withstand a hotter climate.

“No organisation can do this alone. I will continue working with boroughs, government, businesses, health services and communities to protect those most at risk and build a safer, greener and more resilient London for everyone."

John Dickie, chief executive of business group BusinessLDN added: “This new research underscores the vital role that investment in climate resilience plays in supporting London’s economy.

“Rising temperatures affect businesses in a range of ways – such as disruption to travel services, reduced customer footfall or staff being unable to work effectively.”

UK economy cost

Earlier this month a report released by think tank Verdant warned that successive heatwaves between May and July have cost the UK economy at least £4.4bn.

Investment in cooling programmes, green urban design and a national maximum working temperature are among measures needed due to increasing temperatures, says the think tank.

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