Climate inaction could cost the West Midlands almost £3bn by the 2050s, the mayor has warned.
Mayor of the West Midlands, Richard Parker, has cautioned that neglecting to act on climate change could see annual costs of over £60m incurred by the region within this decade.
The analysis commissioned by the West Midlands Combined Authority (WMCA) found that regional economic output could also decrease by as much as £2.9bn per year by the 2050s if action is not taken.
Following the launch of the West Midlands Climate Change Five Year Plan for 2026 to 2031, the mayor has emphasised the importance of protecting the economy, supporting manufacturers, and boosting infrastructure.
Key aims of the plan include addressing grid capacity pressures, futureproofing housing and large-scale developments by accelerating Local Area Energy Planning, and establishing a blended regional investment facility.
Furthermore, the plan suggests a strategy for attaining devolved funding and clearer regional carbon accounting frameworks through collaboration with the Government and national agencies.
Mr Parker said: ‘Climate change is already costing our economy. Flooded roads, disrupted rail lines, supply chain shocks and rising energy bills all hit businesses and working families.
‘Doing nothing is not cheaper. It’s far more expensive.’ He added that grid constraints and infrastructure barriers are preventing the delivery of projects, but provided reassurance that early planning will ensure these obstacles do not interfere with growth.
The West Midlands’ green economy has 75,000 employees, as well as the scope to create more than 200,000 jobs by 2050, making climate resilience and clean energy ‘central to long-term prosperity’, according to the mayor.
Energy Secretary Ed Miliband, added: ‘This deal will unlock investment in clean homegrown energy, cut grid delays and help us take back control of energy, delivering a more secure and brighter future for local communities across the region.’
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