EU warning on climate adaptation investment: 'If we don't spend now, we will pay a heavier price'

The European Commission has warned that, following the heatwaves, severe droughts, floods, and forest fires that have affected Europe in recent months, investments in climate change adaptation have become an issue that cannot be postponed.

Wopke Hoekstra, the EU Commissioner for Climate Action, Net Zero, and Clean Growth, stated in an interview with Politico that governments must allocate more resources to resilience measures against the effects of climate change.

Emphasizing that budgets reflect political priorities, Hoekstra said, "Forest fires and floods show that if we do not make this a priority, we will pay a much heavier price in terms of health, the economy, and society."

Hoekstra stated that taking rapid action against the effects of the climate crisis will have consequences for the European budget and national budgets, but argued that failing to take measures would create even higher costs.

70 BILLION EUROS NEEDED ANNUALLY

According to European Commission calculations, approximately 70 billion euros in investment is needed annually across the union for flood protection measures, keeping cities cool, and other climate adaptation measures.

It is noted that the current spending by member states in this area remains at approximately 29 billion euros per year. According to the Commission's assessment, the damage caused by climate change to infrastructure creates an economic burden that exceeds current spending levels.

News Source: 12punto