‘London isn’t just calling—it’s cooking.’ Europe’s largest economies face over $600 billion in heat-driven losses by 2030

On Tuesday, United Nations Secretary-General Antonio Guterres delivered a speech at London’s Climate Week. Climate activists could not have hoped for a better day for the UN chief to step up to the podium. With temperatures pushing into the high 90s in London (that’s above 30 for the Celsius heads), Tuesday went down as the city’s hottest June day on record. The British meteorological service has issued a rare red warning for extreme heat in the days forward, classifying the coming wave as a risk to life. Schools have been forced to close across the southern U.K., and train operators have reduced service and urged passengers to stay at home. From Climate Week at London’s Guildhall, a gothic event space where the main hall struggles with air conditioning, Guterres smiled boyishly as he described the state of affairs. “Today this city—and far beyond—are experiencing the hottest day of the year – with higher temperatures to come,” he said. “London isn’t just calling—it’s cooking.” The extreme heat wave that has gripped the U.K. and parts of western and southern Europe has already turned deadly. France, Germany, Spain, and Italy have all seen temperatures push past 100°F, and are under similar red alert warnings to the U.K. At least 18 people have been reported dead in France alone directly due to the heat wave, including two children, with dozens more deaths from drowning as crowds take to water bodies to cool off. Across the continent, forecasters have warned that temperatures could rise further still before the month is out. It’s likely to be part of a new normal for its leading European economies, as climate change makes extreme heat waves more frequent and intense even early in the summer, consequently ramping up costs. Under a scenario where heat waves keep worsening each year, researchers at the insurance company Allianz recently modeled how the most exposed wealthy European economies might face cumulative heat-related GDP losses of 5% to 7% by 2030. In a risk re