A survey from the European Investment Bank (EIB) found widespread support for "urgent" spending on adaptation — adjusting to the effects of climate change where possible.
A majority of respondents, at 85pc, agreed that "spending on climate adaptation is required urgently to avoid even higher costs in the future", the EIB said. And of the respondents, 80pc have experienced at least one extreme weather event in the past five years, the survey found — although that rises to 89pc in southern European countries. The EIB surveyed over 23,000 people across the EU in August.
The EIB found that 72pc of respondents — increasing to 81pc in southern Europe — "recognise that they will have to adapt their lifestyle due to climate change". And 35pc of respondents believe they will have to move to "a less climate-vulnerable place" to avoid extreme weather events such as floods or forest fires. More than half of EU respondents also agreed that their country should help vulnerable developing nations adapt to climate change.
Europe is the fastest-warming continent. And the World Meteorological Organisation (WMO) today said that 2024 is on track to smash last year's record and become the hottest year recorded.
The economic losses from "natural catastrophes" hit an estimate of $280bn in 2023, reinsurance company Swiss Re said today. Of this, $51.6bn was from floods, it added. Swiss Re noted "chronic underfunding", but said that the financial benefits from protective measures against flooding "can exceed costs for rebuilding after a disaster by up to ten times".
"Quantifying the benefits of adaptation measures is a key step towards facilitating public-private investment and ultimately closing the huge financing gap", Swiss Re chairperson of public sector solutions Veronica Scotti said.
The UN has put the gap between current levels of adaptation financing and the funding needed at $187bn-359bn/yr. Adaptation will be discussed at the UN Cop 29 climate conference, which started today in Baku, Azerbaijan. Cop 29 is scheduled to run until 22 November. Countries must decide on a new iteration of a climate finance goal. The topic of loss and damage — the irreversible and unavoidable effects of climate change — will also be addressed, in terms of financial and technical support for developing countries.
