The European Union has turned to focusing on adaptation to climate change in order to address the rising costs of climate change. Teresa Ribera, the Executive Vice-President of the European Commission and responsible for the Union's climate policies, highlighted the importance of considering adaptation as a key pillar in economic policy during an interview on September 8.
The Necessity of Investment to Reduce Impacts
Ribera said, "No public budget can cover all these costs. No private insurance can cope with all these expenses." She stressed the need for investment to mitigate the effects and costs arising from climate change.
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The EU's shift towards adaptation reflects the harsh reality of the failure of global efforts to reduce greenhouse gas emissions. This approach also serves as a wake-up call for other countries and can help protect the economy from the increasing risks of climate change.
The EU's New Adaptation Framework
At the heart of this approach is a new adaptation framework expected to be published at the end of this month. This framework will assist EU member states in measuring climate risks and establish principles for building infrastructure with future climate conditions in mind.
However, this framework will not be just a theoretical document. It is expected to include proposals for new laws that could require member states to develop climate resilience programs. Ribera also noted that some regulations may become stricter in the future.
Last summer, there was increased public attention to the EU's adaptation efforts. Unprecedented heat and wildfires on the continent resulted in thousands of additional deaths. Ribera described these experiences as "a shocking experience."
According to statistics from the European Environment Agency, between 2021 and 2024, severe climate-related events caused over 200 billion euros in economic damage in the EU, with most of these damages remaining uninsured.
The EU is collaborating with insurance companies to develop necessary coverage to address these challenges and is also utilizing public and private financing to cover risks that cannot be insured.
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