Association of British Insurers gets behind Climate Change Bill report

Citywire: The Association of British Insurers (ABI) has welcomed the recent Joint Committee on the draft Climate Change Bill report in light of the devastation caused by the summer floods. Jane Milne, head of property insurance at the ABI, said the floods have been a devastating reminder of the need to address the causes and consequences of climate change.

She said: ‘The Climate Change Bill offers a unique opportunity to ensure sustained, government-wide action to tackle the increased incidence of flooding, storm damage, subsidence and heatwaves that climate change will bring. We endorse the Joint Committee’s recommendations that there should be regular reports to Parliament on climate risks and the measures government and local authorities have to deal with them.’

The draft Climate Change Bill, which was published in March and could become law by autumn, was criticised by opposition parties and environmentalists for not including annual targets for carbon dioxide reductions. But it does include annual reports to Parliament on CO2 emissions reductions.

It also introduces legally binding limits on carbon emissions using five-year ‘carbon budgets,’ to be laid out at least 15 years ahead to ensure targets are met. Targets for UK carbon dioxide emissions include a 60% reduction by 2050 and a 26%-32% reduction by 2020.