Climate change
Last reviewed 21/04/2008: any recent updates in this colour.
This page contains information on:
- Brief overview
- How is the UK's climate changing?
- CBI Climate Change Task Force report
- Would you like to calculate your carbon footprint?
- Implications for lenders
- Action by the CML
The earth's climate has been relatively stable since the end of the last ice age, about 10,000 years ago, but it is now changing. The average global temperature is rising. The 20th century was probably the warmest century in the last 1,000 years. There was about 0.6°C of warming, with land warming more than the sea. The 1990s were the warmest decade in the last 100 years.
There is also evidence that rainfall patterns are changing, sea levels are rising, glaciers are retreating, arctic sea-ice is thinning and the incidence of extreme weather is increasing in some parts of the world.
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How is the UK's climate changing?
Other climate data show a variety of changes for the UK climate:
Heatwaves have become more frequent in summer, while there are now fewer frosts and winter cold spells.
- Winters over the last 200 years have become much wetter relative to summers throughout the UK.
- A larger proportion of winter precipitation (rain and snow) now falls on heavy rainfall days than was the case 50 years ago.
- After adjusting for natural land movements, the average sea level around the UK is now about 10cm higher than it was in 1900.
This information is taken from a United Kingdom Climate Impacts Programme (UKCIP) report on possible changes to the UK’s climate. You can download a copy of the summary report or request a printed version here.
The UK Climate Impacts Programme (UKCIP) helps organisations assess how they might be affected by climate change, so they can prepare for its impact. It is funded by the Department for Environment, Food and Rural Affairs (Defra) who have policy responsibility for climate change in the UK.
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CBI Climate Change Task Force report
In November 2007 the CBI Climate Change Task Force released its report on the actions that are required by the three key groups - consumers, government and commerce - in order to reduce emissions and avoid the worst effects of climate change. Key recommendations in the report are for the government to work with stakeholders to deliver a fiscal system that incentives behavioural change and investment in carbon reducing technologies by both consumers and commerce.
The full report and the executive summary are available here.
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Would you like to calculate your carbon footprint?
If so, you can do so on the PURE website. You can also offset your carbon footprint on the website. PURE is a UK-based registered charity with the specific objective of improving air quality - so combating climate change. PURE is now the UK's leading carbon offset scheme.
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Climate change is already affecting the properties that mortgages are secured on. The most obvious example of this is the flooding that the UK has experienced in recent years. There is a separate policy page on the work the CML has been doing on flooding.
However, there are other impacts too. The effects of windstorm, subsidence and other extreme weather events may impact on the insurability of particular properties. The availability of insurance is critically linked to mortgageability and the CML works closely with the Association of British Insurers (ABI) to ensure that we are aware of emerging issues.
The ABI published a report in 2004, A Changing Climate for Insurance, on the impacts of climate change on the insurance industry.
Some lenders are now offering green mortgages for people who want to make energy efficiency improvements to their homes. There is a separate page on green mortgages.
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The CML recognises that there are potentially long-term implications for lenders caused by the impact of climate change.
We have recently become the first the first financial services trade body to sign the Trade Association Forum's declaration on climate change. A copy of the declaration is attached to this page.
The CML is committing to various measures to reduce carbon emissions. These include reducing staff travel and using public transport where possible, as well as reducing electricity consumption within the CML's offices by installing energy-efficient lighting and recycling our paper, plastics, glass and cans.
Just as importantly, the CML will be aiming to ensure that all its work has regard to climate issues.
