🎟️ London Climate Action Week Private Event

Climate Adaptation: Technology Showcase & Reception

Monday, June 23
3:00 PM - 7:30 PM
London, UK (Location on approval)

Join Mazarine Climate and Climate Proof this London Climate Action Week for a unique event spotlighting the pioneering technologies that are adapting our world to a warmer, wilder future.

Disasters Inflict US$2.3trn in Annual Losses, UN Warns

Disasters cost the global economy more than US$2.3trn annually when impacts to health, education, livelihoods, ecosystems, and supply chains are factored in, according to the UN’s 2025 Global Assessment Report on disaster risk reduction — nearly ten times the official figures for direct losses.

The report calls for urgent realignment of global investment flows to address surging disaster risks and prevent deepening debt burdens for the world’s poorest nations. “Systematic and greater investment in disaster risk reduction and resilience can not only arrest these trends but also reverse them,” said Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction.

Direct economic costs from disasters averaged US$180-200bn a year between 2001 and 2020, a sharp increase from the US$70-80bn average between 1970 and 2000. Earthquakes, floods, storms, droughts, and extreme heat events account for nearly all disaster losses over the past 50 years, the report said, with the true toll of these multiplied by second-order effects. For example, extreme heat events spur increased hospitalizations, lower worker productivity, and higher energy costs.

Costs Of Disasters: Official, Social, and Environmental, 2000-2023

The UN flagged a growing disconnect between ballooning disaster costs and insufficient capital flows into resilience and adaptation, offering a series of proposals to help bridge the gap. Among them is “climate adaptation budget tagging,” a tool to help governments map public spending on risk reduction and signal opportunities for private investment.

The report also pointed to emerging financing instruments such as green bonds with resilience features and carbon credit projects that deliver both emissions cuts and climate adaptation benefits. Mangrove restoration, agroforestry, and water management projects could generate carbon revenues while delivering risk-reduction co-benefits like flood protection and drought resilience, particularly in developing nations.

Enhanced corporate climate disclosures may also serve as a lever for channeling capital into resilience, the UN said. “As investors gradually prioritize climate-resilient portfolios, companies that fail to invest in pre-emptive risk-reduction measures may risk higher financing costs, divestment, and reputational damage. This risk incentivizes businesses to invest in resilience,” the report reads.

The findings of the Global Assessment Report could inform talks at the 4th International Conference on Financing for Development taking place in Spain later this month, and discussions taking place this week at the Global Platform for Disaster Risk Reduction in Switzerland.

In Brief

The BRICS countries have unveiled their climate finance recommendation for the upcoming COP30 climate summit, which emphasizes the importance of reforming multilateral development banks and scaling up concessionary capital to support Global South climate initiatives. The framework aims to mobilize US$1.3trn of climate finance by 2035 as outlined in the Baku-Belém Road Map. The BRICS countries are: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. (COP30 Brasil)

The Federal Reserve has quietly shut down several internal committees dedicated to assessing climate-related financial risks, including the Supervision Climate Committee and Financial Stability Climate Committee. The move reflects mounting political pressure, particularly from Republicans, for the Fed to limit its role in climate policymaking. (Bloomberg)

A new analysis out of nonprofit Rebuild By Design warns that by 2050, one in six properties in New Jersey could face high flood risk, threatening over US$435bn in property value and nearly US$6bn in annual tax revenue. Lower-income residents are particularly vulnerable to displacement, while insurance non-renewal rates are rising fastest in the most exposed counties. The report calls for increased state investments in resilient infrastructure, expanded relocation programs, and long-term migration planning to address the growing inequities and financial risks of climate-driven flooding. (Rebuild By Design)

The Climate Bonds Initiative has launched a public consultation to develop its Climate Resilience Process Criteria, which are intended to help certify investments that bolster climate adaptation and resilience. Finalizing the criteria is essential to completing the Climate Bonds Resilience Taxonomy, released last year, which seeks to channel more capital into adaptation finance by defining credible, resilient investment opportunities. The consultation is open until 27 June 2025.  (Climate Bonds Initiative)

Thailand has unveiled its phase two of its national sustainable finance taxonomy, which is intended to steer investments towards climate-resilient development in Southeast Asia. The updated taxonomy now covers agriculture, construction and real estate, manufacturing, and waste management sectors. Phase one encompassed the energy and transportation sectors. (Bank of Thailand)

Hawaii Approves First US Climate Impact Fee to Fund Resilience Projects

Hawaii Governor Josh Green signed a first-in-the-nation climate impact fee into law last week, a measure which could raise US$100mn annually to support resilience initiatives like beach restoration and wildfire prevention.

Starting in 2026, the state’s tourist tax will increase 0.75 percentage points to 11%, covering hotel bookings and visiting cruise ships. The increase adds roughly $3 to a $400 hotel bill, according to Green. “The fee will restore and remediate our beaches and shorelines and harden infrastructure critical to the health and safety of all who call Hawaii home, whether for a few days or a lifetime,” he said. Lawmakers passed the measure in early May.

The signing comes almost two years on from the devastating Maui fires, which killed more than 100 people and leveled some 800 businesses. Total recovery costs have been estimated at US$12bn.

The climate impact fee originated from recommendations by Green’s Climate Advisory Team, which included input from government agencies, nonprofits, businesses and industry groups assessing Hawaii’s growing exposure to climate risks.

While most of the new revenue will flow into the state’s general fund, the legislature will determine specific project allocations. Under the law, the governor is required to recommend that funds be used for climate adaptation and tourism-related mitigation.

In Brief

The World Health Organization’s Climate Change and Health Action Plan was approved by 109 member states last Tuesday, defying a late attempt by Saudi Arabia and other countries to delay it. The plan aims to support climate-resilient health systems and promote low-carbon development, especially in vulnerable regions like Africa, where energy access remains a critical issue. (Health Policy Watch)

A German regional court dismissed a Peruvian farmer's climate change damages claim against RWE, Germany's largest electricity producer, while at the same time acknowledging that such claims are legally viable under German law. The ruling establishes that major emitters can be found liable for climate damages, though claims have to be evaluated on an individual basis. (Inside Climate News)

The Trump administration is rejecting or delaying states’ requests for hazard mitigation funds — federal grants designed to help communities rebuild stronger after disasters. These funds are usually authorized at the same time as disaster recovery aid is approved by the White House, and go to supporting long-term resilience projects like elevating homes in flood zones or adding tornado safe rooms. With many states lacking the financial capacity to replace the lost federal support, resilience investments across the country may stall. (Bloomberg)

Governor Gavin Newsom has unveiled CalHeatScore, a new heat-ranking tool aimed at protecting Californians from life-threatening heatwaves. The tool provides localized forecasts and resources at the ZIP-code level and tips for vulnerable communities on staying safe through extreme heat events. Newsom also announced a US$32.4mn investment to help 47 communities develop infrastructure and resilience against extreme heat. (Governor Gavin Newsom)

The European Commission is preparing to announce the bloc’s first-ever water efficiency target, calling on EU states to cut water use by at least 10% by 2030 amid mounting drought risks. Groundwater reserves are shrinking across the continent, with countries like Greece and Cyprus warning of possible water shortages in the next few years. (FT)

Environmental disclosure platform CDP announced that 112 cities achieved an ‘A’ grade for climate transparency last year. The latest round of results also saw the inaugural inclusion of states and regions in the so-called ‘A List’, with California and Colorado among the first-time awardees. (CDP)

NASA Earth Science Tech and Research Faces ‘Extinction-Level Event’ Under Trump Budget Plan

The Trump administration’s proposed budget would gut NASA’s Earth Science program, threatening to hobble the US government’s ability to track climate risks and extreme weather, and taking offline planned and existing satellite technology.

Under the detailed proposal, released Friday, NASA’s overall funding would shrink 25% to US$18.8bn. Its Earth Science division — which runs more than 20 climate-monitoring satellites — would suffer even deeper cuts, slashed nearly in half to just over US$1bn a year. The program provides critical data on ocean temperatures, land use, atmospheric shifts, ice melt and more, information that underpins everything from disaster preparedness to agricultural forecasts and financial risk assessments.

Among the projects slated for elimination including the Earth System Observatory — designed to improve storm, drought and landscape forecasts — and Landsat Next, a US$56mn, three-satellite project to monitor land, water, and crop changes worldwide. Terminating these programs would deal a heavy blow to efforts to track climate-related shocks to food production, natural habitats, and water security.

Selected Requests from NASA FY 2026 Budget Technical Supplement

Some missions would survive. The budget maintains funding for the NASA-ISRO Synthetic Aperture Radar (NISAR), a first-of-its kind orbital radar which will map Earth’s surface changes in unprecedented detail, and the Grace-Continuity satellite, which will track global shifts in groundwater, soil moisture and energy balances — key indicators of accelerating climate impacts.

The scientific community slammed the budget proposal. The Planetary Society called the cuts an “extinction-level event” for NASA’s science capacity, warning of lost jobs, economic fallout, and damage to the agency’s global leadership in climate research. NASA’s programs today benefit 87% of congressional districts across all 50 states, the group said.

Congressional opposition is already mounting. In a bipartisan letter last month, 83 lawmakers urged the administration to reverse course. “Proposals to slash NASA science funding by up to 50% threaten not only our scientific leadership but also vital national security interests,” they wrote.

The final budget will be shaped in the coming months as Congress weighs the proposal.

In Brief

UK-based flood intelligence company Fathom has integrated its data into ICE’s Global Climate Risk Solution, enabling building-level flood risk assessments for over 1.6 billion properties worldwide. The partnership enhances ICE’s ability to provide detailed climate physical and transition risk metrics across millions of corporate assets, offering investors more granular insight to inform climate-aligned investment decisions. (Fathom)

SkyPath and Zeus AI have partnered to improve turbulence forecasting as climate change drives more volatile air conditions. Zeus’s EarthNet foundation model assimilates diverse atmospheric data in near real time, while SkyPath’s Nowcasting platform offers fast, accurate turbulence forecasts. With Zeus’s capabilities, the upgraded platform should deliver more accurate, data-rich forecasts. The collaboration aims to give pilots and airlines better tools to predict and avoid turbulence, reducing injuries, delays, and operational risks. (Zeus AI)

ZenaTech announced a “strategic initiative” to create AI-powered drones capable of advanced wildfire detection and forecasting across the Western US. The Vancouver-based firm is combining swarms of sensor-equipped drones with what it claims to be quantum computing-enhanced analytics to model fire spread in near real-time. ZenaTech is positioning its technology as a frontline tool for emergency responders and forestry services grappling with intensifying wildfire risks. (ZenaTech)

Ping An Insurance debuted its AI-driven “EagleX (Global Version)” platform, a disaster risk management tool for climate adaptation. The platform leverages over 2 trillion data points to provide real-time disaster alerts and risk assessments for events like typhoons and floods. Last year, EagleX issued 10.5 billion alerts to 67 million clients. (Ping An)

Lloyd’s of London Foundation is launching a new grant program offering up to £100,000 (US$135,000) annually for innovative research in risk management and climate adaptation. This funding presents a opportunity for projects addressing climate and humanitarian risks like fires, floods, and weather pattern changes. Applications for the 2025/2026 cycle are open until July 25, 2025. (Lloyd’s)

RESEARCH

Band together or go it alone? Climate risk and corporate collaborative innovation (Humanities and Social Sciences Communication)

On the procurement of physical risk assessments for climate-related disclosures: guidance from a climate science perspective (Journal of the Royal Society of New Zealand)

Projecting the effect of climate change on multiple Geomorphological hazard using machine learning data driven approaches (Scientific Reports)

Urban resilience through adaptive multifutures and nature-based solutions (npj Urban Sustainability)

Assessing the impact of climate change on land-falling tropical cyclones (LFTCs) over the North Indian Ocean (NIO) and their effects on coastal agriculture in Maharashtra: A case study (Tropical Cyclone Research and Review)

Declining freshwater availability in the Colorado River basin threatens sustainability of its critical groundwater supplies (Geophysical Research Letters)

Climate change and the escalation of global extreme heat: Assessing and addressing the risks (Climate Central)

The macroeconomic implications of climate change impacts and adaptation options: A modeling approach (World Bank Group)

Forced to flee in a changing climate (IFRC)

Thanks for reading!

Louie Woodall
Editor