BAKU, Azerbaijan, July 12. Studies show that climate change is going to substantially impact regions across the EU in the decades to come, Trend reports with reference to the European Investment Bank (EIB).
“For example, heatwaves and droughts are expected to become more frequent under various warming scenarios and look set to particularly affect Southern, Central and South-Eastern European (Tapia et al., 2015; for an overview, see European Commission, 2022). Northern and Western Europe are likely to get wetter, with increased risk of flooding in many areas. To mitigate some of these risks, stepping up efforts to transition towards a net-zero economy will be crucial,” reads the latest EIB report.
EIB notes that supporting the climate transition and digitalization is a key priority for EU cohesion policy.
“Cohesion policy for 2021–2027 includes a number of elements intended to ingrain climate action in investment in cohesion regions. For example, investments in infrastructure with a longer lifespan need to be “climate proof” and the principle of “do no significant harm” should be followed. Many firms in less developed regions are already feeling the impact of climate change. They are more likely to state that climate change has a major impact on their business than firms in the other regions, and they more often consider that the impact of climate change is major (27 percent report a major impact and another 40 percent a minor impact),” reads the report.
The report reveals that firms in transition regions are more likely to assert that climate change has a minor impact (19 percent report a major impact and 43 percent a minor one). Firms in non-cohesion regions are more likely to say that climate change has no impact at all on them. This may reflect a mix of cooler weather conditions, some adaptive measures having been taken already and firms’ greater confidence in their capacity to further adapt.
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