The secretary of state for the environment, David Miliband, today announced the possibility of a longer-term investment strategy for flood defence maintenance spending, despite plans to slash the budget by £15m.
Miliband, said the cut was “regrettable” as he addressed delegates at the ABI's climate change conference, following the release of its coastal flood risks report.
Miliband then declared that the challenge for the government is not to do the work of the financial industry, but to offer clarity and consistency.
He said climate change was not just an environmental issue, but an issue that requires the engagement of all sectors of society, and predicted that new markets in green financial products are likely to open up.
Peter Hubbard, chief executive of AXA and chair of the ABI property committee, said: “As insurers we've taken the issues around climate change seriously and it's good to see that recognised by the government.”
Read also...
East coast flooding costs could hit £16bn
ABI to crack down on floodplain builds
