Climate change, insurance and the building sector: synergisms, conflicts and adaptive capacity

摘要

The speculative house-building sector in the UK needs strong external signals before it will internalize climate change externalities. This requires customers, financial institutions and public policy makers to send clear market and policy signals. The role of government both as regulator of land use and construction standards, and as an informed consumer will be crucial in shifting industry practices where these signals remain unclear or inconsistent. Whilst some mitigation measures may also provide useful adaptation, construction standards and planning policy should also take account of adaptation needs where societal costs will otherwise be discounted. The commercial and prudential pressures on financial institutions will effectively close off the scope for risk avoidance and/or risk transfer strategies by house-builders, beyond the medium term. Increased uptake of commercial and technological adaptations by house-builders is dependent on better information being made available to a skilled workforce able to interpret and adapt. Further research, improved dissemination of research findings to the wider construction community, and an improved skills base are needed. Some of this work is already in hand. More needs to be taken forward as a priority.