Climate Change: Costs
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the cost to (a) the public purse (b) businesses and (c) individual people from climate change.
Answered by Emma Reynolds
Illustrative analysis in the Office for Budget Responsibility's 2024 Fiscal Risks and Sustainability Report suggests that UK GDP could be around 3% lower by 2074 under a below 2°C warming scenario and around 5% lower under a below 3°C warming scenario. The publicly available report contains further analysis of the fiscal impact of climate change as well as impacts affecting businesses and individuals such as labour productivity and health.
This Government is committed to mitigating the negative impacts of climate change. The transition to net zero will support the creation of jobs across the UK, protect the economy from future price shocks and deliver a range of social and health benefits.
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