Climate crisis to have a greater weather and economic impact in Southern Europe - Kathimerini English Edition
Climate crisis to have a greater weather and economic impact in Southern Europe | eKathimerini.com
Climate crisis to have a greater weather and economic impact in Southern Europe
Europe stands to suffer significant economic effects, amounting to some 7% of its output by the end of the century, even if the world manages to contain the increase of global temperatures to 1.5 degrees centigrade above pre-industrial level, according to a draft European Commission communication seen by Bloomberg.
The climate change will be even more acute in Southern Europe, including Greece, the EC report argues, with the average temperature in the continent rising by a considerable 3C in the scenario of a global rise by 1.5C.
The blueprint further warns that in case global warming exceeds 1.5C above pre-industrial levels, the impact will be even more dramatic, with the European Union economy standing to lose some 2.4 trillion euros from its gross domestic product between 2031 and 2050.
Besides the measures the draft communication proposes regarding the monitoring of weather conditions and combatting disinformation on the subject, Brussels is considering to impose minimum climate resilience standards for all expenditure in the bloc. Therefore public procurement, that accounts for about one seventh of the 27 member states’ GDP, will have to consider various risks from extreme weather conditions as well as employ even more renewable energy sources.
Furthermore the European Commission intends to set up a committee including representatives from the bloc’s main lenders, i.e. the European Central Bank and the European Investment Bank, as well as private creditors, to be tasked with helping finance sustainability.
In another provision, the draft communication provides for the strengthening of building standards in order for Europe’s buildings, transport and energy infrastructure to be able to deal with extreme weather conditions. Brussels notes that only a handful of member states have actually laid down plans regarding the resilience of their electricity grids.
Finally, the EC is planning to host an international symposium on Global Climate Risk Management next year, inviting state representatives, financiers and other competent organizations.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”