ICE said a major review of the costs and benefits of climate adaptation could have the same impact on resilience policy as the Stern Review had on cutting carbon emissions.

The call is the central recommendation in its new report published this morning, Making resilience count: The economic value of climate readiness.

ICE warned that transport, water and energy networks remain vulnerable to increasingly frequent extreme weather, as the economic cost of failing to adapt steadily rises.

It said this summer’s UK heatwaves alone are estimated to have cost at least £1bn in lost productivity.

The proposed review would put a value on investing in stronger and more resilient infrastructure now compared with the potentially much higher cost of dealing with failures and disruption later.

ICE wants the work commissioned from the centre of Government, with a senior minister made responsible for implementing its findings.

It should examine infrastructure as an interconnected system, looking across transport, water and power and assessing risks over periods stretching from 2030 through to 2100.

The review would also map available infrastructure and climate data, identify gaps and examine whether regulators are giving sufficient weight to resilience when approving investment.

Sam Gould, ICE director of policy and external affairs, said: “Critical systems with huge economic implications that people rely on, like water, power and transport networks, aren’t as resilient as they should be.

“Understanding the positive impact that investing in adaptation could have will help decision-makers prioritise resilience across the political system.

“An independent review could jump-start real change in our approach to adaptation.”

ICE said climate resilience needed to become a core part of Government infrastructure planning, spending decisions and regulatory settlements rather than being treated as a secondary consideration.