Economic Situation: Weather

Treasury written question – answered at on 15 April 2024.

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Photo of Mark Hendrick Mark Hendrick Labour/Co-operative, Preston

To ask the Chancellor of the Exchequer, whether his Department has made an assessment of the (a) short and (b) long term impact of (i) extreme weather and (ii) storms on the economy.

Photo of Gareth Davies Gareth Davies The Exchequer Secretary

The Third National Adaptation Programme (NAP3) was published in July 2023. It set out policies and actions to respond to the 61 climate risks and opportunities identified in the independent Third Climate Change Risk Assessment (CCRA3), including risks arising from changing climatic conditions and extreme weather events. As part of CCRA3, the Climate Change Committee produced an analysis of the monetary valuation of risks and opportunities, as well as an analysis of the indicative costs and benefits of adaptation.

The Treasury continues to work to determine what additional research and analysis, including economic analysis, is required to ensure robust adaptation.

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