Europe | Climate adaptation: challenge and opportunity

Summary

Climate adaptation has captured the attention of scientists, economists, and policymakers. According to various studies, between $0.5 and $1.3 trillion in adaptation investment will be required over the next decade to minimize the effects of global warming.

Key points

• Key points:
• Although these figures involve a large degree of uncertainty, the truth remains that there is a considerable funding gap. Although global investment in climate adaptation has increased, it will need to be multiplied by five to meet the goals set for 2035.
• Securing the necessary resources to close this gap is undoubtedly a major challenge. This challenge is particularly critical in developing countries, where investment in adaptation should increase eightfold, but also in developed economies, including Europe, where it must quadruple.
• In the case of Europe, multiple barriers hinder the mobilization of resources toward adaptation. These include a lack of data and analysis of climate risks, long investment time horizons, unstable regulatory frameworks and difficulty in monetizing the environmental and social benefits of adaptation projects.
• To overcome these constraints, Europe needs a structured and coordinated strategy that enables it to achieve a climate-resilient economy. This will not be easy, but it is achievable if vision, coordination and determined mobilization of resources come together.

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