A new report is flashing a warning signal about climate change and natural disasters, finding that their total economic damage has skyrocketed into the trillions.
The report from the International Chamber of Commerce, which comes as the United Nations Climate Change Conference begins in Azerbaijan this week, estimated that the total cost of damage from climate-related extreme weather events globally was approximately $2 trillion between 2014 and 2023 – roughly in line with the economic toll of the 2008 global financial crisis.
The ICC, the largest business organization in the world, promotes international trade and investment. In the report released on Sunday, the group said it aims to push governments and businesses to accelerate policies that would reduce greenhouse gas emissions, which directly contribute to global climate change.
Read more about the findings at the link in our bio.
📸: Chandan Khanna/AFP/Getty Images
Sustainable construction is moving from showcase projects to delivery at scale, with policy, retrofit, infrastructure and circular economy systems now defining market leadership. Britain’s £15bn Warm Homes Plan is the clearest signal, giving councils and mayors greater control over housing decarbonisation. Effective local delivery could cut energy bills, strengthen regional supply chains and accelerate energy-efficient buildings, net zero carbon homes and low carbon building upgrades across one of Europe’s leakiest housing stocks.
The retrofit agenda is now inseparable from whole life carbon, embodied carbon and life cycle cost. Public funding will need to prioritise whole life carbon assessment, lifecycle assessment and building lifecycle performance, not short-term upgrades that miss long-term value. The strongest programmes will combine sustainable building design, low carbon design, sustainable material specification and resource efficiency in construction, using environmental product declarations (EPDs) to support transparent decisions on embodied carbon in materials and the carbon footprint of construction.
Planning reform creates both opportunity and risk. The proposed release of “grey belt” land to support 1.5m new homes may ease housing pressure, but weaker sites can bring contamination, drainage, biodiversity and infrastructure constraints. Developers pursuing sustainable urban development will need rigorous due diligence, green infrastructure planning and sustainable building practices to avoid costly remediation and poor placemaking. Net zero carbon buildings and net zero whole life carbon targets will depend on better land-risk assessment as much as low embodied carbon materials, green building materials and renewable building materials.
Sweden’s Oceanhamnen district points to the next phase of environmental sustainability in construction. Its separation of blackwater, greywater and other wastewater streams shows how buildings can operate as nodes in circular urban systems. Water reuse, nutrient recovery and efficient treatment are becoming practical tools for resilience, circular economy in construction and circular construction strategies.
The market is maturing beyond eco-friendly construction slogans. Firms able to integrate low carbon construction materials, eco-design for buildings, BREEAM, BREEAM v7, end-of-life reuse in construction and carbon footprint reduction will lead the shift towards decarbonising the built environment. Those treating sustainability as a planning appendix will fall behind as green construction, carbon neutral construction and life cycle thinking in construction become core commercial requirements.
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