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One of the City's most respected institutions has warned of "catastrophic consequences" for businesses that fail to prepare for a world of increasing oil scarcity and a lower carbon economy.

The Lloyd's insurance market and the highly regarded Royal Institute of International Affairs, known as Chatham House, says Britain needs to be ready for "peak oil" and disrupted energy supplies at a time of soaring fuel demand in China and India, constraints on production caused by the BP oil spill and political moves to cut CO2 to halt global warming.

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Continued reliance on oil is risky and expensive for business, say the authors of a new report from Lloyd's global risk assessment department, 360 Risk Insight, and UK think tank Chatham House.

The way forward for businesses, the report says, is renewable energy - but the chaos and uncertainty following the Copenhagen climate summit has stifled investment.

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