Climate catastrophes have an increasingly unequal impact on European regions, but “the vast majority of local leaders regret the lack of specific financing mechanisms to address the challenges of adaptation to climate change.”
This summer, as mayors and local and regional leaders say in the Committee of the Regions (CoR) barometer, “heat waves, droughts, flash floods and forest fires have devastated many regions in Europe. They are having an increasing impact on populations and local economies.” It is estimated that “€40 billion a year in climate change adaptation investments are needed to adapt to a 1.5°C rise in temperature.” global”.
With the increase in climate-related disasters, “the productivity and viability of local and regional economic activities are at risk” and local elected officials in the EU believe that “there is a real shortfall in adaptation financing ( to the transition) with 75% of regional resources and local politicians claim to suffer from a lack of specific financing mechanisms to face the challenges of adaptation to climate change.
In this gloomy situation that will be the subject of debate at the headquarters of the European institutions, “regions with a high level of employment in agriculture or in the construction sector are particularly affected, especially by longer and more intense heat waves The heat waves of the summer of 2023 cost the Spanish territories the equivalent of 1% of GDP, after agriculture suffered as a result of prolonged droughts”, a situation aggravated by the increase in global temperatures, which “is disturbing also significantly to the local tourism sector. “.
A success story
In response to the catastrophic floods of 2021, the Walloon regional government is developing its “Vesdre Valley Master Plan” and sustainable neighborhood programs, aimed at rebuilding the area in a responsible and sustainable way. 40 million euros will be invested in new public housing. for the most affected municipalities. In addition, the Walloon Government has committed to providing 1,030 million euros to fully cover citizens affected by the floods.”
Source: TSF
