There's a huge demand for new housing, especially in south-east England, and if greenfield sites are to be avoided, the land available for development is often in the very areas most at risk from flooding.

BBC: NEWS | UK | 'Sobering' conclusions from flood report

It was instrumental in designing the Clean Development Mechanism, which it is doing very nicely out of, and it fears that flooding the market for carbon credits with new supply from tropical forests would depress the price and destroy the mechanism.

ECONOMIST: Climate change